Rajiv Chawla, president of Faridabad Small Industries Association, while focusing on the importance of MSME ministry for the SME sector said that the ministry has been very helpful for them with a separate 'MSMED act 2006'.
“The portfolio has been helping SME sector offering subsidies, various SME requirements, coordinating with banks, offering platform for various programmes and organising international trade fairs,” said Chawla.
He added that it would be better if the SME portfolio plans and facilitates share of credit, easy credit of banks, government procurements for the SME sector.
“The government should give more power to MSME ministry and mandate to run two-three small banks under the ministry to facilitate easy credit to the sector,” said Chawla.
The country's PM-designate has already promised to watch the MSME sector with all the best possible ways. The sector accounts 8% to country's GDP and the largest provider of employment after agriculture industry.
Vipin Malhan, president of Noida Entrepreneurs Association while highlighting the importance of MSME ministry said, “Off-course the MSME ministry plays a great role and has been helping the SME sector by providing subsidises, equipments, overseas export facility and platform to grow”.
to the ministry's official website, the ministry implements policies
and various programmes schemes and provides infrastructure and
support services to MSME's under the Office of the Development
Commissioner, National Small Industries Corporation (NSIC), Khadi and
Village Industries Commission (KVIC); the Coir Board, and three
training institutes viz., National Institute for Entrepreneurship and
Small Business Development (NIESBUD), NOIDA, National Institute for
Micro, Small and Medium Enterprises (NI-MSME), Hyderabad, Indian
Institute of Entrepreneurship (lIE), Guwahati
and Mahatma Gandhi Institute for Rural Industrialization (MGIRI),
Wardha a society registered under Societies Registration Act,
The ministry has also set up the Micro, Small and Medium Enterprises Development (MSMED) Act in 2006 to address policy issues affecting MSMEs as well as the coverage and investment ceiling of the sector. The Act seeks to facilitate the development of these enterprises as also enhance their competitiveness. It provides the first-ever legal framework for recognition of the concept of "enterprise" which comprises both manufacturing and service entities.