Indian MSMEs can compete to be part of Fourth Industrial Revolution, says Minister Giriraj Singh

Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSME), Giriraj Singh said Indian MSMEs have the capability to compete with global companies and become a part of the fourth industrial revolutiondue to the support being given to them through various Government of India schemes.

Delivering the keynote address during the inauguration of the 15th Global SME Business Summit in New Delhi today. Giriraj Singh said that with Ease of Doing Business, credit lending facilities and technical support and upgradation initiatives of the Government of India, our MSMEshave joined the SMEsof the world. He said with the financial support given to MSMEs from the Credit Guarantee Fund Trust for Micro, Small and Medium Enterprises (CGTMSE) and Prime Minister’s Employment Generation Programme (PMEGP), 19 lakh new enterprises have been created in the last 4 years, providing employment to nearly three crore people.

The Minister said that Indian MSMEsshare is increasing in exports as well as GDP of the country. The Minister further said that as part of technical support and upgrading of MSME industries ten new Technology Centres(TCs) will soon become operational, besides the 18 TCs which are doing exemplary work. Giriraj Singh hoped that the global summit will provide the MSMEsof the country an opportunity to understand the international market and encourage them to join international trade.

In his inaugural address Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu, said that the New Industrial Policyframed by the Department of Industrial Policy and Promotion of the Ministry of Commerce, which will get Cabinet nod soon, will benefit the MSMEs of the country in a big way.

Secretary MSME,Dr. Arun Kumar Panda, said that with the implementation of GST MSMEs have undergone huge transformational changes to their benefit. He said that more than one million MSMEs,are now registered with GSTN and have become part of the formal sector which has given them the opportunity to link themselves with national as well global value chains.

The Global SME Business Summit, 2018 is being organized by Ministry of MSME in partnership with Confederation of Indian Industry (CII) from 19 – 20 December, 2018 in New Delhi with the objective to boost the global competitiveness of the Indian MSMEs by apprising them of the global trends, global practices and standards along with arranging experience sharing and B2B meeting with SMEs from across the globe.The theme of the Summit is ‘Building Partnerships through Global Value Chains’.

Discussions and deliberations held over two days of the Summit will act as a platform to disseminate information on global demand for SMEs products, the ongoing disruptions in Global Value Chains, technology diffusion, Ease of Exporting through E-Commerce and International Business Forums, developing strategies to penetrate new markets through trade associations and Digital Entrepreneurship, Standardization for SMEs and Alternative & Export Financing. SMEsfrom 56 countries including China, Germany, Japan, Sweden, Indonesia Italy, Korea, Singapore, Kenya, Bangladesh, Sri Lanka are participating in the Summit.

Fourteen Global Summits for SMEs have been organized every year and policy makers, CEOs and academicians from India and across the word attended the Summit. The previous editions of the Summit have seen participation of international delegates from more than 15 countries like USA, UK, Japan, Russia, Germany, France, Thailand, Portugal, New Zealand, Italy, Egypt, China, UAE and Czech Republic.

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