PM Modi launches several initiatives to strengthen MSME sector

New Delhi, June 30:  Prime Minister Narendra Modi on Thursday launched several initiatives to raise and accelerate performance of the MSME sector. He said the MSME sector accounts for almost one-third of India's economy. Strengthening the MSME sector is strengthening the entire society, making everyone recipient of the benefits of development, he said.

PM Modi was speaking at the 'Udyami Bharat' programme where he launched 'Raising and Accelerating MSME Performance' (RAMP) scheme, 'Capacity Building of First-Time MSME Exporters' (CBFTE) scheme and new features of the 'Prime Minister's Employment Generation Programme' (PMEGP) to ramp up the MSME sector.

Addressing the gathering, Modi said that the efforts of MSME India will be a key driver of Aatmnirbhar Bharat. He said whatever heights the 21st century India will achieve, that will be dependent on the success of the MSME sector. He emphasised that it is important for India's MSME sector to be strong for increasing India's exports and for India's products to reach new markets.

"Our government is taking decisions and making new policies keeping in mind your ability and the immense potential of this sector", he said, adding that the initiatives launched today and other measures undertaken by the government are linked with the quality and promotion of MSME.

PM Modi also digitally transferred assistance to beneficiaries of PMEGP for 2022-23; announced results of the MSME Idea Hackathon, 2022; distributed National MSME Awards, 2022; and issued Digital Equity Certificates to 75 MSMEs in the Self Reliant India (SRI) Fund.

Prime Minister remarked that when we say MSME, it expands in technical language to Micro Small and Medium Enterprises. But these micro, small and medium enterprises are a huge pillar of India's growth journey.

To strengthen the MSME sector, in the last eight years, the Prime Minister said, the government has increased the budget allocation for this by more than 650 per cent. "For us, MSME means - Maximum Support to Micro Small and Medium Enterprises", the Prime Minister stressed.

Noting that more than 11 crore people are connected with the sector, PM Modi said that MSME is critical for employment generation. During the pandemic, the government decided to save the small enterprises and give them new strength. Under the Emergency Credit Line Guarantee Scheme, the central government has ensured Rs 3.5 lakh crore for MSMEs, he said. As per a report, this resulted in saving about 1.5 crore jobs. He said that MSME is a major medium for achieving the pledges of 'Amrit Kaal' of India's Independence.

The Prime Minister said that the government is taking measures to help MSME in increasing exports. Talking about inclusive development, the Prime Minister said that trans-gender entrepreneurs are being provided with all help to realize their goals.

Underlining that for the first time, the turnover of Khadi and Village Industries has crossed Rs 1 lakh crore, he said that this has been possible because small entrepreneurs in the villages and our sisters have worked very hard. Khadi sales have increased 4 times in the last 8 years.

'Udyami Bharat' is reflective of the continuous commitment of the government, right from day one, to work towards the empowerment of MSMEs. Union Ministers Narayan Rane and Bhanu Pratap Singh Varma, MSME stakeholders from all over the country, and diplomats from various countries were among those present on the occasion.