The New Strategy Is Being Prepared For MSMEs

The new strategy is being prepared for the great future of MSMEs, it will be implemented from December. A new strategy is being prepared for the MSME sector, which contributes 30 percent to the country’s GDP.

The Ministry is formulating the strategy keeping in mind five areas so that MSMEs can be taken forward. According to MSME Secretary A.K. Sharma, the Ministry has constituted five task forces to improve the future of MSMEs.

These task forces constituted under the leadership of key officials of the Ministry report their efforts to increase exports and reduce imports, widespread cluster schemes, re-engineering of MSMEs, integrating technology within the Ministry, and modernization as part of MSMEs.

According to MSME Secretary A.K. Sharma, the task force will prepare its report after studying the best trend in the world in these five areas. The task force has been asked to submit its report by the end of October this year. After the complete preparation of the strategy in November, it will start in December.

In a program organized by industrial organization FICCI, Sharma said that work will start on the new future of MSMEs in the new year. He said that over 6 lakh new registrations have been done under the new definition of MSME. 90 percent of these registrations have been done with PAN number.

Secretary A.K. Sharma informed media that this is the first time that such registration is fully connected to the IT and GST network. The MSME Secretary said that the responsibility of large companies is to prepare the MSMEs to run with the system.

MSME Secretary A.K. Sharma said that MSMEs have to prepare themselves to adopt the digital process as they have no other option. Recently, the ministry has set a target of taking MSME’s contribution to the country’s GDP to 50 percent.