Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
2011-08-04

MSME Ministry needs more funds for sector

MSME that constitutes by almost 9 percent to GDP needs more funds for sector

The Union MSME Minister, Virbhadra Singh has asked the Finance Ministry to allocate more funds for promotion of MSMEs during the 12th Five-Year Plan (2012-2017).

"To expand the micro, small and medium enterprise (MSME) sector in the next Plan period, we need more funds. We have talked to the Finance Ministry and also discussed with the cabinet in this regard," Singh told media on the sidelines of an event in New Delhi on Wednesday.

Singh stressed on the importance of the MSME sector, which contributes nearly 8.72 percent to the gross domestic product (GDP) with 45 percent share of the entire manufacturing output and has a 30.80 percent share in exports for the year 2007-08 (latest available). More than 6 crore people are employed in the sector and it creates employment at one-fifth the cost of large industries.

The minister stated that this in his address that the two most important factors that can affect the growth rates of the SMEs are technology and availability of finance.

He noted that expansion of the MSME sector would be possible if both national and private banks provide funds to support various schemes.

"MSME is one of the most important sector after agriculture which provides maximum employment," the minister said in his address.

Related opportunities
  • Theme Restaurants
    About Us: Urban Lokal Café is focused on providing a safe..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Cosmetics & Beauty Product Stores
    Gulnare Skincare offers skin care solutions for the socially conscious...
    Locations looking for expansion Haryana
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 270
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Kids & Infant Products
    About Us: Smartspeak is a technological innovation by TransLife Pvt.Ltd, Established..
    Locations looking for expansion New Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi New Delhi
  • Activity Centres, Day Care & Creches
    About Us: First  Five provides quality early education for young children..
    Locations looking for expansion Maharashtra
    Establishment year 2007
    Franchising Launch Date 2015
    Investment size Rs. 20lac - 30lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater pune Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts