Research and innovation assume critical significance for micro, small and medium enterprises (MSMEs) in their quest for global competitiveness.
Research and innovation assume critical significance for micro, small and medium enterprises (MSMEs) in their quest for global competitiveness.
On the 10th Global India Summit organised by Confederation of Indian Industry (CII) in New Delhi in association with the Ministry of Micro, Small & Medium Enterprises, Government of India, Mr K H Muniyappa, Minister of State (Independent Charge), Ministry of Micro, Small & Medium Enterprises, Government of India, said the global event is a singular opportunity for participating enterprises from India and the overseas to engage in deeper knowledge sharing on MSME-relevant innovations.
Referring to the long-standing issue of timely credit flow to Indian MSMEs, Mr Munyiappa said he has called for a meeting of heads of Indian banks to find ways to speed up the advances to MSMEs. He urged Indian industry to also put forward their recommendations on tackling this issue. He stated that the MSME Ministry is discussing ways to enhance the Credit Guarantee Scheme to meet the needs of a greater number of enterprises.
Mr Muniappa said in his closing remarks that Indian MSMEs hold the key to job creation for the large number of young people who are entering the workforce.
CII and the Indian Institute of Foreign Trade (IIFT) signed a memorandum of understanding (MoU) for knowledge partnership in the presence of the minister.
Mr Madhav Lal, Secretary, Ministry of MSME, Government of India, said in his address that the sheer diversity of the MSME sector poses a big challenge to policy makers. Keeping this in view, the ministry is now attempting to introduce policies that meet the specific needs of MSMEs at different stages of their enterprise lifecycle. For instance, the finance and credit needs of an early stage enterprise are necessarily different from the needs of enterprises at a mature stage. Hence, policy interventions will be calibrated accordingly
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