Stating that there is a need for a comprehensive policy for developing and clearing the hurdles for the growth of the MSME sector, Union Micro, Small and Medium Enterprises Minister Kalraj Mishra today said the government would be able to come out with it in 3-4 months.
The MSME sector was of immense importance as it contributed eight per cent to the country's GDP and 45 per cent of nation's exports, Mishra said at a MCCI seminar here.
"Till now, several policies have been undertaken to tackle the problems on credit availability, incidences of default and other related obstacles, still a number of problems exist," he said, adding, those formulated in other countries would also be looked into.
Mishra said, "a comprehensive policy needs to be formulated which will take care of the existing problems in an in depth manner."
Earlier at an ICC event, the Union MSME Minister said in the maiden budget of the new government, it had been announced to allocate a fund of Rs 10,000 crore for facilitation of MSME industries.
He said the government has started taking suitable initiatives to promote the Indian MSME sector like other Asian countries, including China and Japan, and also realised the importance of foreign investment for promotion of MSME activities of India.
Mishra was hopeful that a proper synchronisation in terms of financing, development of requisite manufacturing and marketing is going to transform the landscape of Indian MSME sector and bring internal stabilisation within the sector.
Earlier, he said his Ministry has set up a plan to provide institutional credit by the 'Credit Guarantee Fund Trust' for easy availability of credit, particularly to the micro and small enterprises.
"If the MSME sector gets further impetus, it will also act as a weapon to attain women empowerment. This will be possible because most of the MSMEs deal with the women entrepreneurs in the East and North East region," he said.
