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We have to Work Together to Encourage the Sector - Uday Kumar

SME WORLD Bureau
Mar 2011

MSME sector has made significant contribution to the India economy. A number of first generation innovations were done by the sector. However there are some challenges e.g. credit, technology, marketing skill and innovation, skill development as well which the sector had to overcome and we have to work together to encourage the sector to overcome these challenges.

This was stated by the Uday Kumar Varma, Secretary, Ministry of MSME, Government of India during his address at a National Conference of MSMEs on Skill Development and Employment Generation, organized by All India Confederation of Small & Micro Industries Associations (AICOSMIA) was held in New Delhi recently.

Varma appreciated the need for adequate and timely credit availability to the sector. He observed that in the recent past there had been some improvement in the credit flow towards the MSMEs sector e.g. against 7-8 per cent of total banking credit had gone up from 10 to 11 per cent and banks achieved 20 per cent annual growth in their credit to MSMEs.

He said that industrial associations may undertake a study of the magnitude of credit amount required by MSME sector to play their full potential in the emerging market scenario.

Similarly he stressed upon acquiring technology and adapting to it; acquiring marketing skill and skill development but felt necessary handholding support need to provided all together.

As regards training, he felt that multiplicity of organizations providing skill development training may have to bring about standardization maintain a track record of trainees after training was over.

Referring to the 10 NMCP Schemes of assistance, he urged upon the participants to take full advantage of the schemes for ensuring growth and development.

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