Economy

New initiatives for MSME sector soon: Patil

PTI New Delhi | Updated on February 21, 2011 Published on February 21, 2011

Based on the recommendations of a high level panel, the government will soon unveil new initiatives to give a push to the country’s small and medium sector employing over 6 crore people.

“New initiatives will be launched shortly based on the report of the Task Force on Micro, Small and Medium Enterprises (MSMEs),” President, Ms Pratibha Patil, said in her address to Parliament marking the beginning of the Budget Session.

The task force on the MSME sector headed by T K A Nair, Principal Secretary to Prime Minister, Mr Manmohan Singh, had submitted its report containing several recommendations last month.

The suggestions covered areas like easy and affordable credit, government procurement from MSMEs and simplification of labour laws. The task force also suggested setting up of a exchange for the SMEs.

Besides, it had suggested measures for growth of the sector in Jammu and Kashmir and North Eastern region in the country.

The MSME sector contributes 8 per cent of the country’s GDP, 45 per cent of the manufactured output and 40 per cent of its exports.

On the Khadi sector employing over one crore people, the President said a comprehensive Khadi reform programme has been launched.

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Published on February 21, 2011
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