MSMEs being pivotal to the growth of the economy has been endorsed by the Government through announcement and quick implementation of schemes and policies, required for the development of the sector. The initiatives under the 12 point agenda have already started showing results where almost 1.12 lakhs MSMEs were able to avail loans under the 59 minute scheme, totalling to an amount of Rs.37,412 crores. The recent announcement of the RBI of restructuring of bad loans has been alibi to the government’s commitment to boost the growth of the sector.
While the GDP of India has been gradually climbing the growth trajectory, the inclusivity of the growth has to be addressed to ensure equitable development of all sectors of the economy. Promoting MSMEs is one of the prime methods of ensuring equitable growth. To keep pace with the changing trends of global trade is one of the important ways to contribute to growth. It is well known that Global value chains has opened a new paradigm in the methods of trade and exports, as it accurately reflect the basic conditions of the participation of various economies in the global division of labour and is widely applied to structural adjustment and industrial upgradation of various countries with new round of technology and scientific revolution and rapid industrial development. Bolstering the Indian MSMEs to keep pace with the changing global scenario stands imperative to ensure continued growth of the sector and mark its position in the global market.
CII has been committed to the growth and development of the MSMEs. With almost 60% of its membership base, CII believes that upliftment of the MSMEs would translate into equitable and sustainable growth of the economy. To keep the MSMEs abreast of the recent developments on the global scale, CII organizes the Global SME Business Summit annually. This year’s summit with the theme “Building Partnership through Global Value Chains” was well represented by Indian SMEs and international delegates from more than 30 countries. The discussions and deliberations on the changing paradigm in technology and medium of doing business was received quite well by the participants, which has been discussed in the current edition of MSME business. An inclusive global value chain is an important driver of the world trade. The promotion of the participation of the SMEs especially in low income countries will bring opportunities and great energy for the recovery of global trade and growth of the world economy.
MSME Business is an initiative to keep the readers abreast of recent policy developments in the sector. In addition to policy updates, the newsletter also strives to draw overall knowledge of the sector, understand its issues and challenges, recommend solutions and predict the trends of growth.