With an aim to boost India’s MSME sector’s growth, Union Cabinet Minister of Micro, Small and Medium Enterprises Kalraj Mishra has stated that the government will soon introduce a new comprehensive policy for the MSME sector after incorporating suggestions from related associations. Highlighting the importance of the MSME sector, the Minister said that the country would become a developed nation on the strength of this sector and the new policy will introduce measures to create progressive environment for small industries’ growth.
By adding further, Kalraj Mishra stated that the government is making several efforts for addressing issues related to loan sanction for micro industries, skill development, implementing e-governance system to improve governance and introducing mechanism to simplify the process to seek NOC in a time-bound manner.
The MSME sector contributes around 8% of the country's GDP, 45% of the manufactured output and provides employment to over 8 crore people. Further, to boost the country's micro, small and medium enterprises sector (MSMEs), the government has allocated Rs 24,124 crore for sector during the Twelfth Five-Year Plan period (2012-17) which is 133.53 percent higher than allocation of Rs 10,330 crore during the Eleventh Plan.