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Centre aims to accelerate wheels of economy through MSMEs

New Delhi: Union Micro, Small and Medium Enterprises Minister Nitin Gadkari on Monday said the changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the wheels of economy which had slowed down due to lockdown in the wake of Covid pandemic. 

Addressing a virtual MSME Conclave organised by FICCI Karnataka State Council, Mr Gadkari appealed to all the stakeholders to do away with all kinds of fear and negativity and assured that government is doing everything possible to make the country a super economic power.

He further informed that loans of about Rs 1,20,000 crore have been disbursed to MSMEs out of Rs 3 lakh crore announced in the relief package.

Discussing about the problem of delayed payments, he said that instructions have been given to all Ministries, Departments and PSUs to clear pending bills of MSMEs within 45 days.

He also urged all Chief Ministers to issue directions for clearing MSME dues by their State or UT or Ministries and PSUs on priority. 

The Minister added that, ‘We are closely monitoring the complaints lodged at SAMADHAN Portal also’.

He informed the participants of the webinar, ‘We are working on the idea of a Land Bank and Social Micro Finance Institution which will be very helpful for entrepreneurs and persons who want to run small shops and businesses.’

Discussing Atmanirbhar Bharat Abhiyan as envisaged by Prime Minister Narendra Modi, he said that handloom, handicrafts, khadi industries and agro-based industries should be encouraged especially in 115 aspirational districts. 

‘We will have to plan special policies for agricultural, rural and tribal sector because they have huge potential of creating employment,’ he said.


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