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Cheaper capital to make Indian MSMEs competitive: minister

Sep '19
Pic: Shutterstock
Pic: Shutterstock
Reducing the cost of capital, logistics and power is crucial to make Indian micro, small and medium enterprises (MSME) globally competitive, Indian MSME minister Nitin Gadkari said recently. The aim is to raise MSME’s share of 29 per cent of GDP to 50 per cent in the next five years and raise its export contribution from 49 per cent to 60 per cent, he said.

He was addressing the 16th Global SME Business Summit 2019 in New Delhi, organised every year by the MSME ministry and the Confederation of Indian Industry (CII). The theme this year is ‘Making Indian MSMEs Globally Competitive’.

Calling for domestic and foreign investment and collaboration in the sector, Gadkari said the priority is for an integrated development of the rural and agro-based enterprises along with those based in urban areas, according to an official release.

Opportunities abound in the development of honey, bamboo, textiles, bio-fuels, water transport, fisheries, dairy, food processing in the rural areas and ancillary units of defence, railways, highways, waterways and other industries in the urban areas, he said, and appealed to investors to come forward for investment and collaboration.

For cheaper capital, the ministry is in talks with the Asian Development Bank (ADB), KfW and World Bank for their credit line. Two hundred SMEs are registered on the stock exchange. The problem of delayed payments to MSMEs is also being looked into and the minister said the UK Sinha Committee Report will soon be implemented.

Fibre2Fashion News Desk (DS)

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