Emphasising the need for creating financial literacy and awareness of government schemes for growth of Micro, Small, and Medium Enterprises (MSMEs), Additional Development Commissioner, Central government Ishita Ganguli Tripathy said more than one crore informal MSME’s had been brought into the formal sector during the last three years.
Speaking after inaugurating an Outreach programme on Financial Literacy and Emerging Opportunities for MSMEs organised by Small Industries Development Bank of India (SIDBI) and Karnataka Small Scale Industries Association (KASSIA) in Mysuru on Friday, Ms. Tripathy said the government had increased the allocation for MSME sector in the Budget to promote their growth.
The MSME’s should make use of the government programmes, subsidies, and loan facilities made available to them from the banks.
KASSIA President Shashidhar Shetty said there were a total of 6.3 crore MSME’s in the country many of which were in the informal sector. The MSMEs in the informal sector are encouraged to register themselves on the Udyam portal launched by the government of India about three years ago.
By registering themselves under Udyam initiative, the MSMEs become eligible for government schemes, subsidies and bank loans.
Chief general manager and Regional Head of SIDBI, Bengaluru, Satyaki Rastogi said a growth in the MSME sector in the rural parts of the country too has been noticed lately.
While the MSME’s globally account for 60 per cent of the GDP, the Indian MSME sector contributes around 30 per cent to the GDP. Hence, there is a need to encourage the sector and provide them the necessary financial assistance, he said.
About 100 to 150 persons participated in the Outreach programme for MSMEs held at private hotel in the city that was also attended by Joint Director of MSME Development and Facilitation Office, Bengaluru, K. Socrates, Joint Director of District Industries Centre (DIC), Mysuru, T. Dinesh, and Mysore Industries Association (MIA) General Secretary Suresh Kumar Jain.
