The progress of the MSME sector has been evident from its persistent growth. As per a recent study, the sector is expected to contribute to almost 15 percent of the GDP by 2020. The potential of the sector has been well acknowledged by both the government and the private organizations and a synergic approach is being taken to boost the growth of the sub- sectors. The current announcements to expedite the approval and disbursal of loan process to a bare 59 minutes, will ease the perpetual need of finances for the existing MSMEs, together with encouraging new entrepreneurs for a promising business environment.
With almost 6000 manufacturing products in addition to services, MSMEs are in almost all sectors of the industry. In addition to be directly engaging in the industrial sectors, the MSMEs also contribute to essential back-end operations, necessary for promoting the industry and accounting for the large number of employment generated by the MSMEs.
CII has a strong membership of the SMEs where almost 68% of the total membership is constituted of the small and medium enterprises. With an aim to keep the sector abreast of the recent development of the sector in terms of recent sectoral updates and policy changes, we are presenting the second edition of the SME Newsletter.
This present edition of MSME Business explores the key challenges and opportunities in the Food Processing Sector. In addition, it also features articles on SME Credit Rating, Use of Super-IoT in Small Businesses and an article on the Role of the CII Centre of Excellence for Competitiveness for SMEs in development of Clusters.
The newsletter also covers recent CII initiatives for MSME and details of upcoming events.