The New MSMEs Minister Virbhadra Singh spells out his immediate task

The Central and State Governments are examining the report of the Task Force on Micro, Small and Medium Enterprises (MSMEs) so that implementation of all practical and feasible recommendations can be done to give an impetus to the MSMEs sector.

Said Virbhadra Singh, Union Minister for MSMEs while inaugurating the 'FICCI MSME Summit 2011 – Vision 2020: Policies for a Dynamic Framework for MSMEs which was organized by FICCI in New Delhi recently. The Minister said, “I consider it is my prime duty to see that the recommendations of the Task force are implemented expeditiously and bank funds are made available to the MSMEs adequately at softer rates of interest and without hassles”.

Singh said that MSMEs face several difficulties in their quest for growth. These relate mainly to easy access to capital, technology, marketing and infrastructure, availability of information critical to business growth and simplified systems and procedures.

He said that to ensure timely and speedy implementation of the report, a Steering Group has been constituted under the chairmanship of the Principal Secretary to the Prime Minister.

The Minister said that the Government was fully aware of the singular contribution of the MSME sector to industrial production and exports. As per the quick estimates of the 4th All India Census of MSMEs, there are 26 million MSMEs in the country, providing employment to about 60 million persons. The sector has consistently registered higher growth rates than the overall manufacturing sector, thereby demonstrating a higher degree of resilience and adaptability.

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