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2010-05-13

Finance Minister: The MSME sector requires a lot more to develop

Pranab Mukherjee, the finance minister expressed that a lot more needs to be done for the development of the small, micro and medium enterprises.

Pranab Mukherjee, the finance minister expressed that a lot more needs to be done for the development of the small, micro and medium enterprises.

 

He said during the CII national conference, held recently in Delhi that the government in the recent past has stepped up the funding to strengthen the sector and that several schemes to upgrade skills and  technology are under implementation but he feels that much more is needed to be done.

 

He said that the MSME sector suffers from inadequate and untimely banking finance, non-availability of the state of the art technology, low production capacity, inefficient marketing, and non-availability of highly skilled labour etc.

 

The MSME sector does not have access to alternative avenues of raising a large capital like the large companies despite its commendable contribution to GDP, exports and employment.

 

The agriculture and the MSME sector are the two sector that the government is determined to focus on.

 

He said that the objective is to reduce poverty by increasing productivity in agriculture and by creating employment opportunities outside the farm sector by expanding labour intensive industries in the MSME sector.

 

He said that the key to address the problems of rural and urban poverty is the MSME sector because it is a labour intensive sector. 

 

 

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