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MSMEs Sector Fundamental to Indian Economy: Jyotiraditya Scindia

SME WORLD Bureau
Jan 2010

My Way, My Vision was the theme of the second edition of the World SME Conference in New Delhi which was attended by many industry luminaries including the MSME Minister of State (IC) Dinsha Patel and a large number of participants. The two-day conference was organised by Milagrow Business and Management Solutions.

SME WORLD was the Media Partner in the conference.

Rajeev Karwal, Founder CEO of Milagrow Business and Knowledge Solutions and Pravir Kumar, Joint Secretary, Ministry of Ministry of Micro Small and Medium Enterprises, released a study on “Comparative Study of MSME Policies across Indian states. The study recommends that 20% of public Procurement should be reserved for Micro, Small and Medium Enterprises and e–Procurement should be encouraged, amongst many another recommendations.

Jyotiraditya Scindia, Union Minister of State, Department of Commerce and Industry in his recorded session expressed his views on “Collaboration and not just competition between India and foreign small and medium businesses”. He quoted that despite the slowdown, India has achieved 7.98% GDP growth in which MSME's contribution is remarkable because MSME is very fundamental to the economy.

Addressing the subject “How the hidden jewels of India became the visible powerhouse if the Indian Economy during the slowdown”, Pravir Kumar, Joint Secretary, Ministry of MSME said “This is really a miracle that the MSMEs have achieved such a phenomenal growth despite the slowdown. The MSMEs have not only survived the hardship of times, they have come out of flying colors by contributing about 40% of exports and employing 60 million people”.

Demonstrating the credit issue, he said, “Terms are very strict for getting capital support for MSMEs in comparison to big players”.

The technology base of the MSMEs is also very weak, which is one of the major reasons for SMEs lagging behind. He also revealed that Rs 700 crore has been provided through SIDBI to develop the funding base of the MSMEs along with the conversion of 25% of working capital to grant loans and urged the MSMEs to make prudent use of government schemes beneficial to MSMEs. He concluded his speech by complimenting the MSMEs for showing such a resilient attitude insipite of all the odds and termed them as real heroes of the Indian Economy.

In one of the panel discussions on 'Marketing on a Shoestring', eminent personalities from various industries like Mr. Dilip Cherian, Founder Partner, Perfect Relations, Ms. Meena Kapoor, CEO, Astroyogi.com, Mr. Harish Bhatia, Business Head, My FM, Mr. Avinash Gupta, President, Tally Solutions and Mr. Rajeev Karwal, Founder CEO, Milagrow Business and Knowledge Solutions shared their experiences on how they built their businesses and the challenges faced.

The other panel discussions, focussed on Collaborating with MSMEs from developed countries to enhance the competitiveness of MSMEs in developing countries and alternative sources of funding for MSMEs”.

Eralier Chief Guest Dinsha J. Patel, Minister of State (IC), Ministry of Micro Small and Medium Enterprises, addressed on the vision of the ministry of MSMEs in the short and long term plan.

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1 Comments >>

BarlowMelinda25

30 Nov 2011 (09:36:07)

One understands that our life seems to be not cheap, nevertheless some people need cash for different things and not every one earns big sums money. So to get fast credit loans and term loan would be a proper way out.

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