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2013-04-04

MSMEs vital for economic growth: President

Speaking at the National Awards ceremony for micro, small and medium enterprises (MSMEs) and banks, President Pranab Mukherjee said that MSMEs are vital for India\'s economic growth and they need to get more institutional credit.

Speaking at the National Awards ceremony for micro, small and medium enterprises (MSMEs) and banks, President Pranab Mukherjee said that MSMEs are vital for India's economic growth and they need to get more institutional credit.

These enterprises are "perhaps the most crucial link between India's economic growth and socio-economic transformation," the president said in his address.

The president said the challenges to the MSME sector in India were many.

If the sector had to be a true agent of socio-economic change, "we must direct our efforts at increasing the competitiveness of this sector by enhancing the availability of institutional credit," he stated.

The president suggested that they should also go for innovation and technology, provided with adequate industrial infrastructure, skill development and market support.

While commenting upon the finance needs of SMEs, Mukherjee said that there was a need to increase the reach and coverage of financial institutions by expanding branch network to locations near industrial clusters.

The MSME units could prosper only if there was a concerted effort at widening the market for their products, Mukherjee stated.

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