The new MSME Minister KH Muniyappa has addressed the SMEs’ concern about the arrival FDI in single-brand retail. After taking the independent charge of the MSME Ministry, Muniyappa on Monday sought to allay fears of FDI hurting home-grown small enterprise
The new MSME Minister KH Muniyappa has addressed the SMEs’ concern about the arrival FDI in single-brand retail. After taking the independent charge of the MSME Ministry, Muniyappa on Monday sought to allay fears of FDI hurting home-grown small enterprises.
He said, "With FDI coming in (single-brand retail), it does not mean that it will be a problem for indigenous (small) industry. Our people have to make quality products at par with international ones to compete globally.”
Raising MSME sector’s contribution to India’s exports, Muniyappa said, "We have to increase the share of MSMEs in the country's total exports. It will be upwards only."
He also said the ministry would also focus on the implementation of skill development programmes aimed at providing employment for youths in the country.
Last month, the government tweaked sourcing norms for FDI exceeding 51% in single-brand retail and diluted the previous condition to source 30% of requirements "mandatorily" from MSMEs, by stating that sourcing should be done "preferably from MSMEs".
Muniyappa, 64, replaced Vayalar Ravi, who had additional charge of the Ministry.
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