PM Modi: Government making essential policy adjustments to support MSME sectorÂ

30 Jun 2022 , 02:38 PM

The government is prepared to implement the required policy adjustments to support small business owners, who are essential to the government’s “AatmaNirbhar Bharat” (self-reliant) strategy, Prime Minister Narendra Modi informed the MSME sector on Thursday.

In his remarks on the “Udyami Bharat” program, the prime minister urged small business owners to sign up on the GEM site in order to offer items to the government.

“MSME is crucial for AatmaNirbhar Bharat. The MSME sector has played a tremendous role in building the AatmaNirbhar Bharat in the past 8 years,” Modi said, adding that he hopes to see one crore new registrations on the GeM portal in the next week.

In order to develop the Micro, Small, and Medium Enterprises (MSME) sector, the government has raised the budget by more than 650 percent over the past eight years, according to Modi.

According to Modi, the government not only supports any sector that wants to develop and thrive but also makes the required adjustments to its policies. He also said that Khadi and Village Industries’ revenue had climbed four times over the previous eight years and had surpassed Rs 1 lakh crore for the first time.

In order to promote the export of goods and services, Modi previously unveiled the Rs 6,000 crore “Raising and Accelerating MSME Performance” (RAMP) plan and the Capacity Building of First-Time MSME Exporters (CBFTE) scheme.

New elements of the “Prime Minister’s Employment Generation Program” were also introduced by the Prime Minister (PMEGP). These include raising the maximum project cost for the industrial sector from Rs 25 lakh to Rs 50 lakh and from Rs 10 lakh to Rs 20 lakh for the service industry.