Government keen to increase credit availability to MSMEs: Official
The government wants to increase
credit availability
to micro, small and medium enterprises (
MSMEs
) and also improve them by enhancing technology, an official said on Friday.
Addressing CII's Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said India is the fourth largest economy today and would be the third-largest soon.
Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast.
He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies.
"We want to increase credit availability to MSMEs. This year Budget provided for providing credit cards to micro enterprises," he said adding MSME NPAs (bad loans) were less than 5 per cent in last five years as per RBI data.
Live Events
He also highlighted the role of technology to improve MSMEs, suggesting that through use of technology issues between environment concerns and growth aspirations can be resolved.
Sunil Mathur, Managing Director and CEO of
Siemens Ltd
said, today average productivity level is 75 per cent in India whereas it is over 90 per cent in Europe and use of technology can help bridge this gap (productivity). He pointed that Indian MSMEs are dealing with challenges like access to market and finance.
Shreekant Somany, CMD
Somany Ceramics
said digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities.
"We must support MSME innovation hubs for improving quality of products to meet global standards," he said opining that regulatory compliance burden is heavy on MSMEs.
Deepak Jain, Chairman Lumax Group said MSMEs represent the true entrepreneurship spirit of India.
"We need to have very collaborative ecosystem... today ecosystems compete with each other, " he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
13 minutes ago
- Economic Times
India's international visitor spend soars to record highs: WTTC
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The World Travel & Tourism Council ( WTTC ) is forecasting a 'record-breaking' year for India 's travel and tourism sector this year, with its economic contribution set to reach over Rs 22 trillion in 2025, whilst employment in the sector is expected to reach more than 48 visitor spend is expected to reach Rs 3.2 trillion, whilst spending from domestic travellers is set to hit Rs 16 stated by 2035, travel and tourism's contribution to the national economy is forecast to almost double, to reach just under Rs 42 trillion, with the sector employing almost 64 million released Tuesday from the World Travel & Tourism Council (WTTC) released Tuesday stated that international visitor spends in India reached a record Rs 3.1 trillion in 2024, 9% above the previous peak of to WTTC's latest Economic Impact Research (EIR), while domestic travel has remained a 'vital force', with spending soaring to Rs 15.5 trillion, (22% above 2019 levels), the revival of international tourism is now propelling the sector into a 'bold' new era of and tourism contributed almost Rs 21 trillion to the Indian economy last year, 20% ahead of 2019 sector also supported an all-time high of almost 46.5 million jobs, equivalent to 9.1% of total employment across country also welcomed 20 million international visitors in 2024 - 2.3 million more than while overall international visitor numbers went up considerably last year, as per WTTC research, the numbers and the growth compared to pre pandemic levels seems to have been driven considerably by visits by non-resident per data released by the ministry of tourism, India received more than 9.65 million foreign tourists in calendar year 2024, rising 1.4% from 9.52 million in 2023 but declining 11.6% from 10.93 million in said it calls for continued investment and targeted policy support, and would urge the government to reconsider its recent decision to reduce funding for overseas tourism promotion.'India's Travel & Tourism sector is experiencing unprecedented growth, with international visitor numbers now at record highs after a period of strong domestic reliance. We strongly support the government's plans to simplify the e-visa process. Making it easier to visit India is one of the fastest ways to unlock further international arrivals and spending,' said Julia Simpson, WTTC President and CEO. "While visa on arrival and e visa systems are in place, reciprocal policies and long delays for key markets like the US, where appointments are reportedly unavailable until 2026 continue to hinder tourists," she global tourism body's research also reveals India's business travel is experiencing record growth, with combined domestic and international spending hitting Rs 1.1 trillion last year, surpassing the 2019 peak by 2.6%.The council said India is 'well-placed' to become one of the world's most dynamic tourism economies, with its dynamic mix of heritage, natural beauty, and modern innovation, and that it calls on the government to match the sector's resilience and ambition with 'clear', 'consistent' policy support.
The Hindu
14 minutes ago
- The Hindu
Tata Motors unveils Harrier.ev SUV at ₹21.49 lakh
Tata Motors Ltd. on Wednesday unveiled the a sport utility vehicle (SUV), at an introductory price of ₹ 21.49 lakh (ex-showroom). Powered by the next-gen pure EV architecture, the SUV is capable of sprinting from 0-100 km/h in 6.3 seconds with boost mode. Tata Motors has also introduced lifetime warranty on the battery pack of the Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd., said, 'From defining the SUV segment in the 1990s with iconic nameplates to democratising it by boldly entering new whitespaces in the 2020s, our journey has always been driven by innovation and leadership.' 'With the launch of we are not just introducing a new electric SUV or challenging convention — we are rewriting the rules of what's possible. Born of legendary pedigree and engineered for tomorrow, the is India's most capable SUV,' he added. Built on the architecture and powered by QWD that generates the highest torque and unleashes fastest acceleration ever seen in an Indian SUV, the will be differentiated by its performance, the company said.
Time of India
27 minutes ago
- Time of India
Two Trades for Today: Two alcoholic beverages and distillery stocks for gains of close to 4.5% and 7%, respectively
On a weak day of trade, the Indian equities traded on a negative note while continuing to stay within a broadly defined range. The Nifty saw a mildly positive start to Tuesday, but it formed its day's high point in the early minutes of the session. Soon after that, the Index slipped into negative territory. The Nifty gradually kept losing ground and stayed under pressure. The headline index finally closed with a net loss of 174.10 points
