Mumbai : A paradox for a sector like Micro, Small and Medium Enterprises (MSME) starts from its name that it is not a large enterprise yet is the second largest contributor to the GDP. Despite being one of the largest GDP contributors, there is very minimal data available around MSMEs (as it is mainly unorganised sector), alongside poor implementation of policies and schemes to support them.
The government should look beyond the term small. “We (MSME) do not deserve to be patronised,” stated AlphaMERS Limited, executive director, Captain DC Sekhar during a seminar organised by ASSOCHAM.
Adding to this, Ministry of MSME, member of MSME board, Krishan Khanna said, “The government is alive but the country has been sleeping. It is time it wakes up.”
He ensured that the ministry is very active to make things happen for the sector. He suggested that companies in the sector should come ahead and register themselves, so, that the ministry can strengthen the sector.
Today, the ministry is only able to recognise around 8 crore MSMEs in the country. In reality, there are many more.
Echoing Khanna, Capital Float’s business development head Vaibhav Singh said that there is lack of data in the space, making origination of MSME difficult. He believes such factors affect lending.
ASSOCHAM managing committee member Lalit S. Gandhi said there is a lack of awareness about schemes among MSMEs. Worsening the situation are government officials who are suppose to disseminate information but end-up discouraging them (MSMEs). For MSME sector to grow, mentalities of policymakers and MSMEs have to change. Khanna stressed that change should start from bureaucracy level.
It is time MSME embrace the power of digital and various other technologies to grow further. Khanna rued that despite being an IT country, we provide our technological knowledge to other parts of the world but it is not used in the country.
