Monday, May 23 2022 | Time 00:54 Hrs(IST)
image
Business Economy


MSMEs in forefront of manufacturing, export and job creation: Giriraj Singh

MSMEs in forefront of manufacturing, export and job creation: Giriraj Singh

New Delhi, Feb 5 (UNI) Union MSME Minister Giriraj Singh on Tuesday said the endeavour of his ministry was to constantly upgrade the technologies adopted by MSMEs to churn out quality products in order to make them marketable and competitive.

Addressing the Stakeholders Consultation Meeting, he said MSMEs were today in the forefront of manufacturing, export and employment creation.

This, he said, was made possible through measures such as increasing the limit for provision of collaterals free loans to Rs two crore, technology upgradation, cluster development vendor development and schemes aimed at extended financial benefits to SC-ST entrepreneurs.

The Minister said as a result of the various initiatives under the National Scheduled Caste-Scheduled Tribe Hub (NSSH) launched in October 2016, the procurement of CPSEs from SC-ST MSEs had increased significantly to 0.52 per cent from 0.04 per cent four years ago.

He also mentioned that while the achievement target is 4 per cent, the Ministry of MSME and all CPSEs are on the right path towards achieving it. Mr Singh urged CPSEs to raise their procurement from MSMEs and break the "barrier" of 25 per cent and strengthen their 'sambandh' with MSMEs order to bring about inclusivity and growth.

On the occasion he also felicitated select Central Public Sector Enterprises (CPSEs) for their exemplary work under the Public Procurement Policy for promotion of SC/ST entrepreneurs.

As many as 14 CPSEs for the Maharatna, Navratna, Miniratna and general categories were awarded based on the parameters available on the Public Procurement Portal, MSME Sambandh.

The "Stakeholders Consultation Meeting under National SC/ST Hub - Creating Ecosystem for SC/ST Entrepreneurs", organised by the Ministry of Micro, Small and Medium Enterprises in association with the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises and FICCI witnessed participation from over 70 CPSEs from across the country.

Mr Singh reiterated that the Public Procurement Policy wherein all Central ministries, departments and PSEs have to procure a minimum 25 per cent of the total annual purchase or services from MSEs. Of the annual requirement of 25 per cent, 4 per cent is earmarked for units owned by SC-ST entrepreneurs.

In addition, 358 items are reserved for exclusive purchase from the MSEs.

This was followed by felicitations of all award winners by the Minister. Winners in the Maharatna Category included Indian Oil Corporation Limited, Bharat Heavy Electricals Limited, Bharat Petroleum Corporation Limited. Navratna Category winners included NMDC Limited, NBCC (India) Limited, Bharat Electronics Limited. In the Miniratna (I and II) category, National Small Industries Corporation Limited, MSTC Limited, MMTC Limited, National Film Development Corporation of India, PEC Limited. In the General Category, ECGC Limited, Food Corporation of India, Jute Corporation of India Limited were awarded.

UNI SW SY 1821

More News

Karkinos Healthcare receives investment for development of innovative healthcare solutions

22 May 2022 | 7:47 PM

Hyderabad May 22 (UNI) Karkinos Healthcare, a technology-driven, oncology focussed managed health care platform, on Sunday announced that Mayo Clinic has invested a minority stake in the company, subject to certain conditions precedent.

see more..
Entire burden of duty cuts on petrol, diesel to be borne by the Centre: FM

Entire burden of duty cuts on petrol, diesel to be borne by the Centre: FM

22 May 2022 | 5:23 PM

New Delhi, May 22 (UNI) Finance Minister Nirmala Sitharaman on Sunday said that the excise duty reduction of Rs 8 per litre on petrol and Rs 6 per litre on diesel has entirely been made in Road and Infrastructure Cess and hence the entire burden of the duty cut would be borne by the central government.

see more..
Duty reduction on diesel and petrol should lower prices of goods by 10 pc: CAIT

Duty reduction on diesel and petrol should lower prices of goods by 10 pc: CAIT

22 May 2022 | 4:46 PM

New Delhi, May 22 (UNI) The Confederation of All India Traders (CAIT) on Sunday applauded the centre for reducing the excise duty on petrol and diesel and said that this move should bring down prices of goods to an average of at least 10 per cent.

see more..
MSMEs hail govt bid to ease input cost, bat for more duty cuts

MSMEs hail govt bid to ease input cost, bat for more duty cuts

22 May 2022 | 3:34 PM

By Nirbhay Kumar
New Delhi, May 22 (UNI) Hailing government's move to cut duty on raw material for steel and plastics in order to reduce their prices, the MSME sector players on Sunday said that more steps are needed to ensure local supply chains remain competitive and Indian exporters are not outbid by rivals in the international market.

see more..
Fuel prices fall after FM's announcement to cut excise duty

Fuel prices fall after FM's announcement to cut excise duty

22 May 2022 | 9:30 AM

New Delhi, May 22 (UNI) The prices of petrol and diesel fell on Sunday after remaining unchanged for 45 days in a row.

see more..
image