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Last Updated : Sep 24, 2019 07:46 PM IST | Source: Moneycontrol.com

MSME dues to be cleared soon, UK Sinha panel recommendation to be implemented: Nitin Gadkari

Gadkari further said that Ministry will soon launch a new e-commerce website ‘Bharat Mart’ to enable MSMEs to sell their products in local as well as international markets.

Pramiti Lonkar @LonkarPramiti

Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari said that reducing the cost of capital, logistics and power are crucial for making the Indian MSME sector globally competitive.


Speaking at an address at the Global MSME Summit, he called for domestic and foreign  investment and collaboration in the sector, which has tremendous potential to push growth and generate employment in India.


Gadkari also said the government’s priority is for an integrated development of the rural and agro based enterprises along with the urban based enterprises.

The Minister said that the government is in talks with ADB and World Bank to set up a credit line. He said there are several opportunities in development of honey, bamboo, textiles, bio-fuels, water transport, fisheries, dairy, food processing in the rural areas and ancillary units of defence, railways, highways, waterways and other industries in the urban areas.

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He said that the government aimed to increase MSME’s  present share of the GDP to 50 percent, up from 29 percent in the next five years and raise its export contribution to 60 percent, up from 49 percent. To achieve these targets, logistics, power and capital cost will need to be reduced.


Gadkari said that 200 SMEs are registered on the stock exchange, and he urged more companies to register.The problem of delayed payments to MSMEs is also being looked into by the government and the UK Sinha Committee Report will soon be implemented.


For lowering cost of power and logistics the Minister pointed to the necessity of energy audits and energy efficient technologies. He said roof top solar plants will be provided to MSMEs with KfW support. He also said that the  use of water transport can reduce logistic cost.


Gadkari further said that Ministry will soon launch a new e-commerce website ‘Bharat Mart’ to enable MSMEs to sell their products in local as well as international markets.


Also speaking on the occasion Secretary, MSME  Dr. Arun Kumar Panda informed that the Ministry is in the process of developing a digital MSME portal which will work as a virtual meeting place for all stakeholders  the sector.


He also emphasized on the need to enhance manufacturing competitiveness of entrepreneurs, and said that Centre is in the process of opening 135 new Tool Rooms & Technology centres to develop the skill of the entrepreneurs.


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First Published on Sep 24, 2019 07:37 pm
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