Government working towards ensuring easier credit flow for MSME sector

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With a view to ensure an easy credit flow for the micro, small and medium enterprises (MSME) sector, the Government is working towards removal of problems arising out of its credit guarantee trust fund, Union MSME Minister, Mr Kalraj Mishra said at an ASSOCHAM event held in New Delhi today.

MSMEs Ministry is willing to take responsibility and we have urged various other state governments for credit guarantee trust fund and we are collecting the funds to ensure that banks do not hackle entrepreneurs and instead take up the issue directly with the Ministry

, said Mr Mishra while inaugurating a seminar on ‘Financial Restructuring for MSMEs-Lifeline for Success,’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

He also said that the banking sector has a responsibility in development of MSMEs as they have a significant role to play by ensuring easy finance availability to the sector.The MSME Ministry is working on a format to streamline the process of filing entrepreneurs’ memorandum (EM) through an online system, further informed the Union Minister.

As filing of EM-1 and EM-2, a part of our registration process is causing problems in certification, we have given priority to self-certification and have made it operational in about 6-7 states and we are soon going to launch the same”, said Mr Mishra.

We are also working towards fixing a deadline for procurement of NOC from concerned ministries to ensure that our small entrepreneurs do not face any difficulties” he added.

Considering the huge dearth of skilled labour being faced by the MSME sector, the Government is working on joint skill development of labour and entrepreneurs, informed the Union MSME Minister.

The whole idea is for skill development of youth in the rural sector to encourage them for entrepreneurship thereby imparting training through machines by setting up incubation centres on a wide scale”, said Mr Mishra.

Putting a thrust on public, private partnership (PPP) model for growth and development of MSMEs, the Minister said,

Private sector should open technical institutions, tie up with enterprises and train youth in large numbers with a guarantee to provide jobs thereby contributing to the success of Make in India programme.

Financial crunch coupled with poor credit flow, dearth of raw material availability due to poor allocation, marketing problems, poor upgradation of machines, technological problems, labour dogs and others are many procedural problems being faced by entrepreneurs thereby crippling the growth and development of MSMEs in the country”, he added.

The Union minister also said that going ahead MSMEs will play a key role in India’s future economic growth as the sector is responsible for removal of imbalance between social and economic development of the country.