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Last updated: 26 Dec, 2015  

CII Logo THMB SMEs' share to India's GDP and employment increasing

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SME Times News Bureau | 26 Dec, 2015
Indian micro, small and medium enterprises (MSMEs) are increasingly becoming more vibrant, which has resulted in their increasing share to the country's GDP, employment and productivity, said Dr. Anup K Pujari, Secretary, Ministry of MSME.

Speaking at the opening session of the Global SME Business Summit, organised by CII in New Delhi, Dr. Pujari said that the Government is constantly working towards further enhancing the capabilities of the Indian SME sector.

He added that the true victory of policy makers in the SME space will be to see these enterprises' transition from small to large enterprises.

The Ministry of MSME is prepared to work towards this goal with support from various stakeholders.

Dr. Arvind Panagariya, Vice Chairman, NITI Aayog, has said that enterprises with less than 20 employees comprise of 73 percent of employment generation in the manufacturing sector.   

He said 88 percent of manufacturing output however is churned out by enterprises employing greater than 20 workers. This, he opined, clearly revealed the fact that growing enterprises contribute more to the economic output as well as lead to small and medium enterprise (SME) growth.  

Partricia Hewitt, Chair, UK India Business Council emphasised on the need to strengthen partnerships and enhance trade relations between the two countries.

She added that it is imperative for SMEs in both country to work closely together so they can grow together.

She also confirmed that UK is working with the Indian Government and some State Governments to dismantle regulations. Many UK based firms have invested in India, many with 100 percent FDI, and contributed to the 'Make in India' campaign initiated by Shri. Narendra Modi, she added.

The power of internet is also rendering its magic in the arena of business development, said Rajan Anandan, Vice-President and Managing Director, Google India. India has been ranked as the second largest country for technology start-ups which by 2020 will be pegged at the count of 10,000. It has been seen that the impact of internet on business growth and profitability is profound.

It has been found that Enterprises who have braced internet for business development are able generate a particular targeted revenue 50 percent faster and also have up to 49 percent greater net income than those who are not tapping into the clout of internet.

The largest employment generators after agriculture, Indian MSMEs account for around 38 percent of the overall GDP, 46 percent of exports and provide employment opportunities for around 120 million people, mostly concentrated in rural areas.

As such, they not only boost the economic performance of India but also promote social inclusiveness by contributing to rural industrialization. With the theme 'Make in India through Global SME Partnerships', CII organized the 12th Global SME Business Summit 2015 recently in partnership with the Ministry of MSME. 
 
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free funding channels key to growth of sme
jagdish aggarwal | Sat Dec 26 14:48:28 2015
sme industry put big input in growth of economy but suffering from easy and cheap funding sources.RBI and Sebi are the regulators who can relax the norms for raising funds by sme industries.Till now SME industry has been left for banks who charges high intt and high collaterals and exploit the SME industry promoters who invests their whole life capital into the venture and fruit is eaten by the banks,total of intt comes from 14% to 20 % higher value of collaterals .Second big problem SME industry is facing from corrupt high taxes of centre and state govt in the shape of central excise,state vats,centre service tax,centre TDS, total of these comes appx.25% of value of product, so MSME ministry and govt must take fast steps to look into these big problems/hurdles in the growth of SME industry.


 
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