What Do MSMEs Initiatives hold for Employment and Economic Growth of the Nation?

Here are the initiatives based on economic platforms by the Indian government which would boost up the Enterprises, capable start-ups and solve its issues
What Do MSMEs Initiatives hold for Employment and Economic Growth of the Nation?
Image credit: EntrepreneurIndia
Entrepreneur Staff
Correspondent, Entrepreneur India
4 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Country has been facing trouble due to economic slowdown happening globally. And government has left no stone unturned to overcome the economic slump which is creating disturbance in the country’s trade, manufacturing and corporate sectors.

Honourable Minister for Road Transport & Highways of India and Shipping Ministry of Micro, Small and Medium Enterprises, Sh. Nitin Gadkari introduced various initiatives which would elevate the country’s employment and small enterprises' financial records. Considering the nation’s growth since the past developmental years, MSME brought ahead the ideas of uplifting the start-ups and traditionally oriented enterprises along with the solution of issues related to finance and growth. This would encourage the employment percentage and would also improvise the natural resources and ideas of the country.

About MSME

MSMEs are considered amongst the foremost areas in providing large employment opportunities at comparatively lower capital cost than large industries. It is complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. These areas of industrialisation are an integrated version of all levels of the working sectors which welcome the grounded yet valuable business ideologies. These ideologies, once combined with MSMEs process of development give encouraging push to the economic and employment growth of the nation.

The sector comprises of 633.88 lakh units as per National Sample Survey 73rd Round (2015-16) and has created 11.10 Crore jobs (4.98 Crore in rural areas and 6.12 Crore in urban areas).

Initiatives started by MSME to encourage all areas of Economic growth and Employment 

MSME SAMBANDH :

MSME has launched an online portal ‘MSME SAMBANDH’ (http://sambandh.msme.gov.in) in which procurement from CPSE (Central public service sectors) is monitored. Monthly records of the financial inflow and investment can be observed through the portal. Details of Items purchased by CPSEs are made available on portal. Yearly financial targets for Procurements by CPSEs are made available in public domain on MSME SAMBANDH Portal

·MSME SAMADHAAN:

MSME has launched this portal (http://samadhaan.msme.gov.in) to assist the department and  related entities in monitoring the cases of delayed payment. MSMEs can directly put the record of their delayed payment related grievances on the portal. Also, online notice will be generated to concerned parties.

A total number of 26,641 applications have been filed by MSEs in the portal involving an amount of Rs. 6061.59 crore.  Out of these, 1843 applications have been mutually settled involving Rs.237.11crore.

Khadi & Village Industries Commission

(KVIC) is established under the Khadi and Village Industries Commission Act with an objective to provide employment in rural areas by promoting sale and marketing of Khadi and village industries products. This would encourage the employment percentage and simultaneously will bring upon the new business traditional ideas.

 Global Market Intelligence System

 It will be launched by the Ministry to improve trade facilitation by providing access to trade intelligence on international markets or MSMEs

 MSME Gateway

A digital platform for match making with Global SMEs, will be launched to facilitate internationalization of Indian MSMEs through Joint Ventures, Technology Transfer, Licensing. It will also bring in FDI in India which would be suitable according to the investments and future employments.

 Honey Mission

This mission will be expanded in Cluster Mode in coordination with Ministry of Agriculture, Ministry of Tribal Affairs and Ministry of Social Justice and Empowerment. This mission would boost up the small sectors to prepare honey at its best quality in the country which would bring along a lot of employment opportunities.

MSME has planned a long vision of development in the field of employment and skill development in the nation in which

1, 00,000 youth would be skilled through Technology Centres and other Training institutes of the country.

Minister’s quote

“To promote the country’s development in the field of SMEs and employment, we are putting our strong foot forward to solve the payments and marketing issues coming in the way of progress. We already are inclined towards the country’s cultural base and would feel obliged to promote it through business and employment opportunities. We have initiated various programs which would assist in an incomparable  growth of the states and country” said, Sh Nitin Gadkari

 

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Starting, buying, or growing your small business shouldn’t be hard. Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more.

Latest on Entrepreneur