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Bright future for MSMEs in India under leadership of PM Modi

Updated on May 21, 2015

Future is bright for MSMEs in India under the leadership of PM Modi

Micro Small and Medium Enterprises (MSMEs) sector is growing substantially in India. This is an unorganized sector providing employment to the millions. This sector had been struggling for years but now the current prospect looks better and future looks more promising than ever. Thanks to the current Govt for imparting a fresh ray of hope among the entrepreneurs of the country. Small entrepreneurs with their inadequate resources have been operating in this sector and somehow they have been able to survive. Since the formation of new government under the able & charismatic leadership of PM Shri Narendra Modi, this sector hoping to get significant growth. Many initiatives of the Govt that have been taken in one year will play vital role to help this sector to boom rapidly in coming days.

Make in India’ initiative for making India as a world class manufacturing hub has been initiated by the govt. Development in infrastructure will highly support the small businesses across the country and will provide more conducive business environment . Documentations for filling the compliances have also been reduced, process for acquiring the licenses have been eased. Process of obtaining Import export code has been made easy, so the small business owners can receive inquiries from the international markets and can export items for better revenues. Since corruption at top level has been completely booted out and at the lower levels it’s on minimum level throughout the country. This has made life easy for the small business owners and will further prompt the potential first generation entrepreneurs to go ahead with the idea of their dream startups.

Govt has formed a separate ministry to get rid of scarcity of skilled manpower in the country. ‘Apprentice Protsahan Yojana’, has been launched to increase apprenticeship coverage to 2.3 million from 490,000 earlier. The labour ministry will reimburse manufacturing units half the stipend paid to apprentices during the first two years of training. The scheme will support 100,000 apprentices up to March 2017. MSMEs sector will highly be benefited by employing this skilled manpower to achieve higher efficiency in their industrial outputs. In order to reform the labor laws Govt introduced 'Shram Suvidha Portal' a worry-free labor law compliance web portal to facilitate a single window for compliance with labor laws. In order to deal with the notorious ‘Inspector raj ‘ Labour Ministry of India has introduced All-new Random Inspection Scheme to get rid of needless harassment of industry people and to achieve greater transparency. This step will certainly increase morale of entrepreneurs in MSMEs sector.

With the implementation of digital India initiative entrepreneurs across the country will have accessibility to the internet and they can explore in world market through the ecommerce platforms. They can increase their sales by selling either on ecommerce platforms or by launching their own websites. Especially for a craftsman who earlier has a limited market area now can get orders from across the globe. A clay pot maker, an Idol maker Tea producer from the north east or a weaver from eastern Uttar Pradesh can explore the world market through ecommerce platforms to increase their sales substantially. For the small business owners who did not have a well accessibility of market earlier now can sell worldwide. The entrepreneurs will have opportunities to know about their global competitors and a good platform for the price discovery as well. This will simply give more information so as to enable them to do their SWOT (Strength, Weakness, Opportunity and Threats) analysis well in context of global perspective and competition.

Govt has initiated a MUDRA (Micro Unit Development and Refinance Authority) BANK with corpus of 20000Cr INR (or around 3.15 billion USD) as initial funds to help this (MSMEs) sector in form of loans at reasonable interest rates. It will do away with their financial deficiencies, and support them to enhance their facilities to increase outputs. This accessibility to finance will give an opportunity to expand and help them to become better equipped with technological up gradation to compete with the rest of the world. India has recently got its world record in Guinness world records book for opening millions of bank accounts under Prime Minister Jan-Dhan Yojana for underprivileged households those were not linked to banking system earlier. Now major workforce employed in the MSMEs will have an advantage to receive their wages through bank accounts as an option. It will establish more transparent system that will be mutually beneficial for the employers as well as for the employees too.

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