The MSME sector accounts for about 45 per cent of the manufacturing output and over 40 per cent of national exports of the country.
Acknowledging the important contribution made by the MSME (micro, small and medium enterprises) sector in the country's manufacturing space, Union Minister Kalraj Mishra said it is essential to ensure that the products manufactured by MSMEs are more competitive and cost effective than other products in market, both local and global.
Speaking at the annual three-day event SOUMEX 2014 held in Chennai, Mishra said, "Today's global environment has brought in new opportunities and challenges before MSMEs. It is therefore essential for us to devise methods to make the products of our MSMEs more competitive and cost effective."
The event was organised by National Small Industries Corporation and Tamil Nadu Small and Tiny Industries Association.
Highlighitng some of the major steps taken by the ministry to further improve the competitiveness of the MSMEs, Mishra added, "Prioritising credit to MSMEs, training and incubation, performance and credit rating scheme, technology upgradation are some of the steps taken by my Ministry to assist MSMEs compete in the global market."
Currently, the MSME sector accounts for about 45 per cent of the manufacturing output and over 40 per cent of national exports of the country. "In recent years, the MSME sector has consistently registered a higher growth rate compared to the overall industrial sector," Mishra said.