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MSME Ministry launches virtual network to link clusters

Tags: foreign trade policy, virtual cluster approach, msme ministry, madhav lal, sme,

March 03, 2014 | COMMENTS ( 0 )

MSME Ministry launches virtual network to link clusters

The MSME Ministry recently launched a virtual network wherein different clusters of micro, small and medium enterprises (MSMEs) can connect on a common platform and share information to help them expand their businesses.



"This virtual network of clusters will provide a networking platform for all stakeholders to connect with micro, small and medium enterprises," MSME Secretary Madhav Lal said at the launch of the virtual cluster initiative in New Delhi.



"The MSMEs, academic institutions, research institutions, NGOs and professionals can become members and relate to each other. We want to generally invigorate the entire environment for small enterprises. We hope the virtual cluster will keep growing," he added.



The Virtual Cluster Approach, an initiative of the Ministry of MSME, overcomes the limitations of the Physical Approach requiring the location of the units in one geographical area besides substantial resources for creation of infrastructure.



On the tax relief measures suggested by the MSME Ministry for incorporation in the Foreign Trade Policy 2014-19 to boost MSME exports, Lal said: "What we are looking at is that if there is anything in the duty structure which can come in the way or due to which the small enterprises are getting unfairly treated or not getting a level-playing field, those things need to be corrected."

 

The Commerce Ministry has initiated the process for formulating the Foreign Trade Policy (FTP) for 2014-19 which will be unveiled by the new government.

 

The current policy provided fiscal incentives including interest subsidy and other duty neutralisation schemes.

 

The new policy will include a long and medium term strategy to enhance trade competitiveness and overall growth of the country's foreign commerce.

 

The Virtual Cluster Approach will enable small businesses across different sectors to co-exist with their peers on a web-portal.

 

Under the initiative, around 2,000 industrial clusters have been identified for undertaking soft and hard interventions with a view to increase the competitiveness of the enterprises.

 

At the same function, Prime Minister Manmohan Singh presented national awards to MSMEs and banks in recognition of excellence in their field.

 

These awards were instituted in 1983 to felicitate outstanding performers in the micro, small and medium enterprises sector in the areas of entrepreneurship, R&D, product quality, innovation and lean manufacturing techniques.

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