Union Minister for MSME Kalraj Mishra said that the definition of Micro, Small and Medium Enterprises (MSME) will be revised soon.
While addressing in the valedictory function of UCCI Expo here at the Exhibition Ground, Mr.Mishra said time has come to revise the limits of each sector in MSME which provides more employment than any other sector in the country.
Sending down a strong message to the Banks, Union Minister said they should not hesitate to advance credit to MSME sector under Credit Guarantee Scheme which has been created to strengthen credit delivery system and facilitate flow of credit to the MSME sector.
Union Minister Mr.Mishra was responding to Odisha’s Principal Secretary MSME L N Gupta who earlier said that entrepreneurs are not getting adequate support from banks in spite of the existence of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
“Modi Government has increased the limit under CGTMSE from Rs. 1 Cr to Rs. 2 Cr for better growth of MSME sector in the country”, said Mr.Mishra.
Union Minister also spoke about the setting up of SC & ST Hub which is providing hand holding support to the SC&ST entrepreneurs in the country.
Speaking about the support to MSME sector from PSUs, Mr.Mishra said the Ministry is monitoring to ensure 20 pc purchase from MSME sectors in PSUs.
4 pc out of these 20 pc has been earmarked from SC & ST entrepreneurs, he said. In order to facilitate MSME sector, while PSUs have been advised to give L1 plus 15 % advantage to MSM entrepreneurs, provisions have been made not to ask for earnest money nor impose turn over restrictions on them, he pointed out.
Mr.Mishra announced that National Small Industries Corporation (NSIC) would set up a livelihood incubation centre at Rourkela to provide hand holding support to first generation entrepreneurs especially from SC and ST community there.
Speaking on the occasion, Union Minister Tribal Affairs Jual Oram said there is need to focus on ancillary fields and Odisha should come up with some policy where we can promote and set up MSME industries and factories in tribal areas.
Earlier UCCI President Ramesh Mohapatra introduced the guests of the concluding ceremony of the 4-day Expo.
Principal Secretary MSME LN Gupta and NSIC CMD Rabindranath also addressed the audience.
Utkal Chamber of Commerce and Industry (UCCI) is the apex chamber in the state of Odisha comprising of 3 sectors of economy i.e, industry, trade and services.
It organized this mega exhibition, UCCI Expo-2017, in which there were more than 150 stalls.