MSMEs have been a key driver of the Indian economy owing to their large proportion in terms of number of enterprises, range of products and services offered, employment provided, and its double digit contribution to the GDP and exports. The government has been keen on boosting the sector through introducing various new schemes and improvising on the old ones to ease out the financial, technical and other regulatory challenges.
The recent policy announcements on restructuring of MSME loans, relaxation of GST filings for MSMEs, additional 2% interest subvention and many more state specific schemes envisaged towards growth of the sector highlights the government’s determination in promoting the existing entrepreneurs and encouraging budding entrepreneurs to contribute to the growth of the economy. The recent initiatives of increasing the procurement bandwidth of the GeM portal for procurement from MSEs has started yielding results. The transaction of GeM portal has been estimated at over 17500 Crores. The MUDRA scheme rolled out to ease out financial challenges has also started showing results with approximately 15.56 lakh loans being sanctioned, amounting to Rs.7.23 lakh crores.
CII has been advocating for the cause of growth and development of the MSMEs. With almost 60% of membership as SMEs, CII strongly promotes the sector towards contributing to the equitable development of the country. The MSME Business is an initiative to keep the micro, small and medium entrepreneurs abreast of the recent updated on the sector along with providing analysis of a particular industry. The current edition of the newsletter provides a short analysis of the Paper Industry.
The newsletter also covers recent CII initiatives for MSME and details of upcoming events.