MSME To Play A Crucial Role In Realising Vision of 2047, Says Nirmala Sitharaman

MSME will play a crucial role in achieving the goal of 2047 to make India a developed country. Finance Minister Nirmala Sitharaman states that MSME is important in realising the vision of 2047. The MSME segment is already contributing to the country’s major chunk of GDP. Thus, their inclusion in the Union Budget is a must. The finance minister announced the dialogue programmes with 250 MSME clusters to discuss the problems and find solutions for MSME’s upliftment.

How Is MSME Important In Achieving The Vision Of 2047?

MSME plays a crucial role in achieving the vision of 2047. Nirmala Sithraman will be working with the 250 clusters to work on the ultimate transformation of India into a developed country. The July budget and February’s interim budget focused more on the MSME’s growth and development. Thus, the government also launched a 45-day payment rule and promoted exports of the company.

Finance Minister Nirmala Sithraman is going to work on the different MSME clusters. It will start today from the Marble Cluster in Udaipur. Everyone is curious to know about the government’s upcoming plans for the MSMEs. Currently, the government is conducting 250 clusters which started today. MSMEs face a lot of difficulties because of lack of support. They face credit difficulties, payment difficulties, and many more. Due to a lack of resources, small and micro enterprises do not prefer to fight for their rights.

Many MSMEs have their payments pending for more than a year. This leads to a lack of credit facilities for the MSMEs. The lenders don’t trust them with the repayment of their loan amount. Thus, they don’t give the loans or credit to the MSMEs. However, these MSME cluster programmes will conduct discussions on the current issues MSME faces. It will help the government to better understand the actual problems and provide a better solution.

She highlighted the importance of MSME’s participation in the deal. If the MSMEs do not participate in this discussion openly, then there will be no proper solution to their problems. Several banks have shown support to the MSMEs from time to time. Recently, the Small Industries Development Bank of India (SIDBI) has been providing the loans directly to the micro industries. The growth of MSME will not only be profitable for MSMEs alone, but it will also help to generate employment and exports from the country. More employment will increase the living standard of the people. The MSMEs are already providing jobs to 20 crore people in the country.