LMW Banner 2

Your future advertising space? Our media data

Camozzi

Your future advertising space? Our media data

OEM Update

MSMEs play pivotal role in country’s development: Virbhadra Singh

May 18, 2011 11:14 am

“MSMEs have been recognized as engine of growth. In India, too, MSMEs have played a pivotal role in the development of the country. MSMEs provide huge employment potential at a low capital cost. The sector faces many difficulties in its quest for growth. These relate mainly to access to capital, technology, marketing, infrastructure, availability of critical information and simplified system and procedures”, said Virbhadra Singh, union minister for micro, small and medium enterprises. Addressing a seminar on ‘Building A Competitive MSME Segment: Problems and Prospects’ he informed, “To address the concerns of MSMEs, the report of the special task force has been sent to all concerned, including state governments, for implementation of the recommendations in a time-bound manner”.
 
The Minister further said that to ensure better credit flow to MSMEs by minimising the risk perception of banks and financial institutions in lending without collateral security, the Government is implementing the Credit Guarantee Scheme. “The scheme provides guarantee cover of up to 85 per cent on collateral-free credit facility extended by lending institutions to new and existing MSMEs for loan up to Rs. 100 lakh and more than 5.1 lakh proposals have been approved under the scheme so far”, he added.
 
The Minister also called for attention towards medium-scale enterprises and said that these enterprises also need promotional schemes and an enabling environment like the small‑scale industries to further augment the overall economic growth.
 

Advertising

Your future advertising space? Our media data

Cookie Consent OEM Update

We use cookies to personalize your experience. By continuing to visit this website you agree to our Terms & Conditions, Privacy Policy and Cookie Policy.

Tags:
Webinar

Your future advertising space? Our media data

Events

India Fastener Show
Aerodef India Manufacturing Expo
ChemPro Tech India
Intralogistics and Warehousing Expo
Metal Forming Expo
amtex
Fastener Fair India
Himtex 2024
World of Photonics India
IFFE Expo
India Essen Welding and Cutting Expo

eMagazine February 2024

eMagazine February 2024

Your future advertising space? Our media data

Our Sponsors

Carl Zeiss IndiaCloosSTMCNCPragati GearsNordPurva metalFuji Electric IndiaMaco-cAndreasBibus IndiaInovance TechnologyPMT Machines LtdQuaker HoughtonIgus India Pvt LtdWohlhaupter IndiaReishauerWidmaMeusburgerAutonicsDiffusion Engineers LimitedDiamondZiehl AbeggCarelACE Micromatic GroupFuel Instruments  EngineersFenwick and RaviMMC Hardmetal Pvt LtdMPSTata CapitalProstarmWika Instruments India