Discussion over new MSME policy underway: MoS MSME

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SME Times News Bureau | 28 Apr, 2015
Minister of State, Micro, Small and Medium Enterprises (MSMEs), Giriraj Singh in a written reply to a question in Lok Sabha Monday said that the government is doing formal discussion to finalize the draft MSME policy.

"Preparation of comprehensive policy guidelines for the Micro, Small and Medium Enterprises sector is a continuing process. Currently, deliberations are underway to finalize the draft MSME policy circulated to various stakeholders," said Giriraj.

A committee with officials from Ministries of Finance, MSME and RBI has been formed to chalk out issues to be included in the new policy. The panel will chalk out a comprehensive policy after studying the policies of other countries and also the policies of various states within the country.

The India Micro, Small and Medium Enterprise (MSME) Report, 2014, says the recent policy thrust on 'start-up' and the 'Make in India' campaign has triggered entrepreneurial confidence levels.

Minister said, "The technological development in the small industry sector in India is generally low. The Ministry of MSME is implementing the flagship Scheme namely Credit Linked Capital Subsidy Scheme with the objective of assisting MSE units for upgradation of technology with a provision of 15 percent of capital subsidy subject to a limit of Rs.15 lakh."

Furthermore, the Tool Rooms and Technology Development Centres located in different parts of the country have undertaken significant technological development and have produced state of art tools for the consumption of the sector.

At present there are 18 Tool Rooms and Technology Development Centres all over the country and 15 new tool rooms are coming up with World Bank assistance during the 12th Five Year Plan period, he added.

In another reply the minister made it clear that the revision of definition of MSMEs, including that of service enterprises, is under consideration of the Government. "In this regard, the Minister of MSME has already introduced the bill, "The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2015", in Lok Sabha in the current session of Parliament", Giriraj added.