Hotline: 1800 102 2007
X
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
  • About Us: C.H.I.L.D an initiative of Mrs. Kavitha Chandra Mouli hasa..
    Locations looking for expansion Tamil nadu
    Establishment year 2013
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
  • Bars, Pubs & Lounge
    About :  Grandmama's Cafe is an all-day café and bar..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 2500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Quick Service Restaurants
    About Us: Biryani queen is a unique & Conceptualized QSR brand,..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • Ice creams & Yogurt Parlors
    About Us: Established in 2016, Pop Hop is a unique and..
    Locations looking for expansion Karnataka
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 120
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
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