Nitin Gadkari announced recommendation report to boost the MSME sector
Parul June 30, 2020
MORE IN News
MSME minister Nitin Gadkari launched an industry wide recommendation report prepared by the Global Alliance of Mass Entrepreneurship (GAME) National Task force for MSME to boost MSMEs and entrepreneurial dynamism in India. The recommendations from the report “Improving Economic Dynamism and Accelerating MSME Growth” will help MSMEs ‘Survive, Revive, Thrive and Sustain.’
On this occasion many politicians and dignitaries were present. The Task Force chaired by Dr. KP Krishnan, IAS (Retd), Former Secretary, Ministry of Skill Development and Entrepreneurship, Government of India and co-chaired by Ravi Venkatesan, Founder GAME and Former Chairman of Microsoft India and Bank of Baroda presented the highlights of the recommendations. The recommendations are aimed at central and state governments, the private sector and industry associations and cover short and medium term actions and long term strategies that will create an environment where MSMEs can flourish.
The recommendations, which were developed by a Task Force comprising corporate leaders, policy makers, MSMEs and academia, have been shared with different stakeholders including government, industry bodies, corporations, civil society . Pilot projects have already started in collaboration with the Punjab, Meghalaya and Karnataka Governments, and conversations with more states are in progress.
The Task Force’s recommendations lays emphasis on the following areas:
- Localized and simplified communication of government schemes
- Access to finance for first time borrowers
- An enabling business environment through simplification, digitization and decriminalization of compliances
- strengthening MSME associations
- creating dynamic local entrepreneurial ecosystems
“There is an opportunity in every crisis. The Government and Ministry of MSME is committed to provide the business environment and support required for our MSME sector to take full advantage of the opportunities and create a vibrant MSME sector. We recognise the key role of the MSME sector to support the economy and jobs, and more so in the present times . The Government has announced a stimulus package for the MSMEs , focussing on liquidity and access to capital. Soft support through the CHAMPIONS portal is also a key component to resolve operational issues quickly. I appreciate that industry associations and other organisations are pro-actively studying the situation and suggesting policy measures. The recommendations made by the GAME National Taskforce for MSMEs will help us in creating an enabling environment for MSMEs,” said Nitin Gadkari, Minister, Road Transport and Highways, Micro, Small and Medium Enterprises, Government of India
“We will need the confluence of multi-stakeholder initiatives (public, private and civil society), ambitious scale and world class execution while focusing on fundamental issues for MSMEs to thrive. The recommendations by the GAME National Task Force for MSME are a welcome set of strategic action points which we are committed to taking forward,” said Conrad Kongkal Sangma, CM of Meghalaya.
“ COVID is an existential threat particularly to smaller, informal firms. Estimates suggest that 30-40 per cent may cease to exist. The sector urgently requires financial and regulatory support to keep businesses afloat, restart operations and retain jobs. Moreover, to seize the shifts in global supply chains, to become “Atmanirbhar”, India needs a massive entrepreneurial movement with millions of enterprising firms growing rapidly and creating jobs. This taskforce has created a roadmap for such a mass-flourishing,” said Ravi Venkatesan, Founder, GAME
Speaking about the Post-COVID economy, Dr. KP Krishnan, Chairman, GAME National Taskforce for MSME and Former Secretary, Ministry of Skill Development and Entrepreneurship , Government of India, said, “Three principles must form the foundation of the Post-Covid new world. One, it must be ‘entrepreneur-led’. They are the most important constituents in any job creation agenda. Two, entrepreneurial dynamism must be fostered locally and distributed across many hubs to expand the entrepreneurial movement. And three, governments must play the role of an ‘enabler”.
“A transformative and implementable agenda to propel India’s MSMEs to their absolute potential is both urgent and necessary. These recommendations are contextual and as we build a self-sustaining pipeline of entrepreneurs, by investing in education and incubation, I am excited about the promising new future we can script for youth in Punjab,” said Smt. Vini Mahajan, IAS, Chief Secretary to the Government of Punjab and in addition Principal Secretary, Department of Personnel and Vigilance
“The ‘jobs challenge’ is a global one and problems of this magnitude can never be solved by a single stakeholder. These recommendations emphasize ‘shared responsibility’ marrying complementary capabilities to transform India’s MSME landscape. Given FICCI’s pan-India presence, we are keen to work with states to drive this agenda and ensure that the packages announced for MSMEs are effectively implemented and businesses survive and thrive”, said Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals Enterprise Limited and President, Federation of Indian Chambers of Commerce & Industry (FICCI).