The 15th SME Global Summit was organized by the Ministry of MSME in partnership with CII, on 19th December 2018 in New Delhi. The inaugural session was attended by Hon’ble Minister of MSME, Shri Giriraj Singh, Hon’ble Minister of Commerce and Industry, Shri Suresh Prabhu, Secretary, Ministry of MSME, Dr Arun Kumar Panda, Mr. Rakesh Bharti Mittal, President, CII and Mr. Shreekant Somany (Chairman, CII National SME Council).
Hon’ble Minister Shri Giriraj Singh said that the Government of India has been working continuously to make Indian MSMEs match the global standards. The constant efforts have resulted in the improvement of our ratings in the Global EoDB ranking and addressing the challenges faced by MSMEs in connecting to GVCs.
“I am proud to say that the Udyog Aadhar Memorandum (UAM) portal is the easiest way of self-registration globally. Through the Portal any MSME can register within a record time of 3 mins” said Shri Giriraj Singh. The access to finance has been addressed through increasing the limit of Credit Guarantee Trust Fund and the risk from 50% to 75%.
Shri Giriraj Singh also highlighted the importance of clusters and that the number has grown exponentially to 141. It is now proposed to have 20 new Technology centres under the Hub-Spoke Model.
Hon’ble Minister of Commerce and Industry Shri Suresh Prabhu present at the event, apprised the participants in the commitment of the Ministry of commerce and Industry towards the growth of the SMEs, who are pivot to the overall economic growth. The Minister spoke about the changing of trade regimes globally and establishment of new trade routes based on availability of labor and skill. Mr Prabhu said that GVCs are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs.
He highlighted on the establishment of Trade Promotion Organizations across 15 countries to promote exports of the SMEs from India. The concept of Trade has been changing where Larger enterprises are increasingly relying at outsourcing the manufacturing activities which has proved quite advantageous to the MSMEs where they can participate in the exports through manufacturing of intermediate products.
He further added that the Ministry is also working on a comprehensive strategy to boost the MSME sector- as New patents are being granted in record time, new International Property regime is being launched where India would work on strengthening the IPRs of Indian MSMEs as well as protecting IPRs of the international countries.
Secretary of MoMSME, Dr. Arun Kumar Panda also apprised the participants of the various efforts taken by the ministry in addressing the cause of MSMEs. He mentioned the benefits of GST to the MSMEs and added that more than 10 million GSTN registered MSMEs are now successfully linked to various programs and schemes of the government.
Dr. Panda added that the ministry has taken up the issue of Rehabilitation and Restructuring of MSMEs with the banks. He highlighted the achievements of the Ministry on resolving of payment issue of almost 650 Micro and Small Enterprises through the SAMADHAN portal with release of 100 crores without any external intervention.
Mr Rakesh Bharati Mittal, CII President highlighted the necessity of allowing Buyers- Sellers Credit and the LoRs to address the issue of cash flow of the SMEs. Also, he spoke about the issue of delayed payment affecting smaller businesses and urged the ministry to look after the issue.
19 December 2018