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Filings to start new MSMEs shows sector’s growth: Muniyappa

Tags: K H Muniyappa, filing, MSME, Lok Sabha, task force, FDI

December 04, 2012 | COMMENTS ( 0 )

Filings to start new MSMEs shows sector’s growth: Muniyappa

The MSME sector has noticed an increase of 19.06 per cent in year 2011-12 in terms of Entrepreneurs’ Memoranda (EMs) filed across India to set-up new MSMEs. The number of EMs filed in 2011-12 was 2,82,496, which is almost twice a jump as compared to 2,37263 EMs filed in 2010-11. The figures were given by minister of state for MSME KH Muniyappa in a written reply to a question in the Lok Sabha.

The reply also said that the prime minister’s task force has made 85 recommendations, out of which 77 were acknowledged and eight were declined by the Steering Group. Out of these 77 recommendations, action on 39 recommendations has been completed and action on 38 recommendations is in progress.

Also, the credit linked capital subsidy scheme for technology upgradation of MSMEs provides capital subsidy at 15 per cent of value of plant and machinery on loans up to Rs 1 crore. The scheme is implemented through 11 Nodal Banks, the minister said in reply to another question.

Further, the minister also replied that FDI in MSMEs has also been raised to 100 per cent from 24 per cent in order to promote capital investment by foreign multinational companies in SMEs.

The MSME Ministry has been implementing various schemes for the promotion and development of MSMEs in the areas of credit, infrastructure, technology-upgradation, marketing, etc. The ministry also notified the Public Procurement Policy for MSMEs to promote them by improving their market access.

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