Measures to aid MSMEs will help improve the economy, says Gadkari

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The various steps taken by the government to give relief to Micro, Small and Medium Enterprises (MSMEs) will help in improving the economy, said Minister of MSME Nitin Gadkari at an event.

“Changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the wheels of economy which had slowed down due to lockdown in the wake of the pandemic,” said Gadkari while addressing a Virtual MSME Conclave organised by FICCI Karnataka State Council.

He also urged the stakeholders to shed fear and negativity and assured that the government is doing everything possible to make the country an economic power. On the problem of delayed payments, Gadkari said, “Instructions have been given to all Ministries, Departments and PSUs to clear pending bills of MSMEs within 45 days”.

The Ministry is also closely monitoring the complaints lodged at SAMADHAN Portal, he added.

Land bank

Gadkari also informed the participants of the webinar that the Ministry is working on the idea of a Land Bank and Social Micro Finance Institution for entrepreneurs and persons who want to run small shops and businesses.

While discussing Atmanirbhar Bharat Abhiyan, he said, “Handloom, handicrafts, khadi industries and agro-based industries should be encouraged especially in the 115 aspirational districts. We will have to plan special policies for agricultural, rural and tribal sector because they have huge potential of creating employment”.

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