SME Times - Much More Requires To Be Done For MSME Sector: Pranab Mukherjee, Development of Micro Small and Medium Enterprises, Development of Micro Small and Medium Enterprises in India, More Development Required For Indian MSMEs

Pranab Mukherjee addressing CII National Conference and Annual Session 2010

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Saurabh Gupta | 13 May, 2010
Finance Minister Pranab Mukherjee said on Wednesday that much more is required to be done for development of the micro, small and medium enterprise (MSME) sector in the country.

Speaking at the CII National Conference and Annual Session 2010 on the theme 'Implementing Inclusive Growth and Development' in New Delhi, Mukherjee said, "The government in the recent past have stepped the funding to strengthen this sector and several schemes to upgrade skills and technology are under implementation."

"But I feel much more is needed to be done. I am sure that the issues relating to increasing the access of MSME units to capital market and Financial Institutions and how best can the Corporate Sector assist the MSME units in upgrading technology and marketing would form part of the deliberations in the conference today," he added.

He also addressed the challenges that MSME sector is facing, which includes absence of adequate and timely banking finance, non-availability of state of the art technology, low production capacity, ineffecient marketing, non-availability of highly skilled labour at affordable cost etc.

"Despite its commendable contribution to GDP, exports and employment, MSME Sector does not have access to alternative avenues of raising the required capital unlike the large companies," he said.

During his address, Mukherjee also expressed that the government is determined to focuses on two key sectors namely agriculture sector and MSME sector.

He said, "The objective is to reduce poverty by increasing productivity in agriculture and creating employment opportunities outside farm sector by expanding labour intensive industries in MSME sector."

"Micro, small and medium enterprises (MSMEs) sector, being labour intensive sector, is the key to address the problems of rural and urban poverty," he added.