MSMEs an important chapter in Indian economy: Swiss diplomat

Small and medium enterprises account for over half of employment worldwide, Swiss envoy to India Andreas Baum said today, noting that this sector will continue to be an important chapter in the Indian economy.
Baum, however, pointed out that access to finance and technology are two important challenges for the MSME sector, which is the "key engine" of job creation and economic growth in both developing and developed countries.
The ambassador was addressing a two-day 'National Summit on Energy Efficiency in Micro, Small and Medium Enterprises (MSMEs)' being organised by The Energy and Resources Institute (TERI), in association with the Ministry of MSME, here.

"Small and medium enterprises account for about 90 per cent of business and more than 50 per cent of employment worldwide... For a country like India, which is one of the fastest growing economies, MSMEs will continue to be an important chapter in its growth," he said.
The Ambassador of Switzerland to India also said energy efficiency is important not only to address climate change, but also to take care of environmental improvements, pollution reduction and workplace safety.
The MSME sector, He added, faces several challenges, which include access to finance and in order to address this, the Indian government has initiated several schemes and incentives. The second challenge the MSMEs are facing is technology, especially clean energy that can assist the sector in improving its productivity.