MSME Committee of the Ph.D. Chamber of Commerce and Industry organized a conference on Ease of Doing Business – Institutional Support to MSMEs on 07th July 2022 at Ph.D. House, New Delhi.
Shri Bhanu Pratap Singh Verma, Hon’ble Minister of State, Ministry of MSME, Government of India, the Chief Guest of the conference, mentioned that over the past couple of years, the Ministry of MSME had initiated a slew of measures for the promotion and growth of MSMEs. With certain landmark decisions like the change in the definition of MSMEs, introducing a new simplified ‘Udyam Aadhar’ registration, Champions portal, and expansion of credit guarantee, to name a few, and many other schemes which would go a long way to building a stronger MSME sector.
Another notable measure worth mentioning here is increasing the budget for the MSME sector for the year 2022-23 to Rs. 21,422 crore from the last year’s budget allocation of Rs. 15,700 crores, thereby providing greater financial support to the MSMEs. In order to tide over the impact of COVID 19 on the economy, the Government of India and the RBI had announced various Credit Support Measures for MSMEs. The Atmanirbhar Bharat Package announced by the Government for the MSME sector, which comprised of some major financial and other policy measures to help the sector, indeed provided a lot of help to MSMEs to not only restart their operations but also provide newer opportunities to a large number of enterprises.
Mr. Pradeep Multani, President, PHDCCI, apprised that the MSME sector in India forms the backbone of the Indian economy and is one of the most important segments that let the economy grow at a much higher pace. MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital costs than large industries but also help in the industrialization of rural & backward areas, thereby reducing regional imbalances and assuring a more equitable distribution of national income and wealth. He also highlighted the importance of Ease of Doing Business is important for the promotion and growth of MSMEs, which not only requires policy and regulatory changes by the government to fast track various registration requirements and remove tardy regulatory compliances but also to strengthen the institutional support mechanism. He also requested the banks to look into the issue of collaterals which becomes a very large amount for MSMEs to bear while looking for loans.
Dr. H P Kumar, Former CMD, NSIC and Advisor, PHDCCI, in his theme address, apprised about the various schemes of the Government for the benefit of the MSMEs and stressed on Prime Minister Employment Generation Programme (PMEGP) with the main objective to provide employment opportunities to the unemployed masses through setting up of micro-enterprises in the country.
Dr. S S Acharya, General Manager, SIDBI, in his address, brought to the attention of all the MSMEs that only 94 lakh MSMEs are registered on Udyam Portal, which is nearly about 15-20%. Still, around 80% of the MSMEs are out of the formal system, which is a large number. MSMEs have to be under the formal system to avail the formal finance needs for business operation. Mr. Yogendra Pathak, Additional CEO & CFO, Government e-Marketplace, apprised the participants that Government procurement is the largest procurement sector. He further advised all the MSMEs to register on the GeM portal, which could be beneficial for them to get bulk orders from various Central and State Governments. Further, he highlighted that the GeM portal is a completely contactless, paperless, and seamless system with minimal intervention required.
Mr. D P Goel, Co-Chair, MSME Committee, PHDCCI, gave the introductory remarks and set the tone for the program. Mr. Sameer Nayyar, Co-Chair, MSME Committee, PHDCCI, presented the formal vote of thanks to the Hon’ble Minister of State and other dignitaries from the Embassy and High Commission, along with the guest speakers and participants for sparing their valuable time and attending this important conference. Institutional support for MSMEs was explained in detail by notable institutions like IOUX, NSIC, M1Xchange, and India Ratings & Research in the technical session. Brief presentations were explained by the subject experts from these institutions, and various queries from the participants were also answered in the session.
This article was shared with Prittle Prattle News as a Press Release.
