3 Tips by Nitin Gadkari to Boost Infrastructure and MSMEs
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To boost the micro, small and medium enterprises (MSME) along with the infrastructure verticals to ramp up the country’s economy, the Centre has announced various measures. While no MSME loans will be classified as non-performing till March 2020, the government plans to invest INR 100 trillion in the country’s infrastructure.
Nitin Gadkari, Union minister for road transport and highways, shipping and micro, small and medium enterprises on Monday, while speaking at an event organized by the PHD Chamber of Commerce and Industry, pointed out ways through which stakeholders in these sectors can benefit, in return uplifting the economy which has grown at a meager pace of 5 per cent during the first three months of the current financial year.
Good Credit Rating for MSMEs
Gadkari encouraged MSMEs and other stakeholders to go digital and use the digital structures provided the government for ease of business. Going digital will help MSMEs to obtain effective credit rating facilitating them to avail loans from banks without facing hurdles. The minister had earlier also urged MSMEs to get listed on stock exchanges and raise money. This would ease the burden on the lending institutions as well.
MSMEs Should Opt New Technologies
Gadkari urged MSMEs to be equipped with new technologies which would assist them in their businesses. According to the minister, new technologies related to the agro processing businesses would assist the sector in its growth due to higher interest by investors.
Construction of New Highways
Talking about the Delhi-Mumbai highway construction, Gadkari said, “We are building around 350 petrol pumps on the highway where we would allow SMEs to establish their stores like handlooms, restaurants, and other amenities for travellers. This would make journeys convenient and simultaneously help small enterprises to grow.”
Terming it as ‘Green Highways’, he emphasized on developing eco-friendly highways along with the aim to increase CNG pumps and electric vehicles infrastructure in the National Capital Region.