Jamshedpur, Aug 26: Confederation of Indian Industry (CII) Jharkhand organised the third edition of its annual flagship initiative, MSME Conclave with the theme of breaking barriers to unlock hidden potential today over virtual platforms.
The MSME Conclave deliberated on important topics including government schemes for MSMEs and MSME Financing, Startup and Innovation – Challenges and Opportunities and Managing Business in the current difficult scenario.
Addressing the conclave Tapas Sahu, vice chairman, CII Jharkhand State Council stated that the MSME sector has the potential to spread industrial growth across the country and can be a major partner in the process of inclusive growth. The contribution of MSME is 8 percent of GDP, 45 per cent of manufacturing output and 40 per cent of exports of the country and uniquely they are least investment driven with high returns. He said that the COVID-19 pandemic is taking a tragic toll from a human and public health standpoint, along with causing massive business disruption, resulting in some businesses shutting down completely. Among all the sectors, MSMEs were badly hit during this difficult time. The current economic situation is not conducive to small industries as there is restricted liquidity in the system, though the government pumped in stimulus to keep the sector alive. It is very important to empower the SME sector to utilize the limited resources (human and economic) they have in an optimum manner.
Addressing the gathering, Ashok Saigal, Co Chair, CII National MSME Council said that MSMEs are the backbone of India’s economy. However, for India to grow exponentially we need these MSMEs to mature into large firms in the decade to come. The pandemic situation has led to a substantial movement of the companies to the other developing and less developed countries which has triggered a new wave of industrialization. Consequently, the expansion of the manufacturing hub linked with global supply chains would increase not only productivity but also create large-scale employment. The outbreak has provided India an opportunity to follow an export driven model where we have several capabilities already in place and several need to be built. He further informed that CII National MSME Council has initiated a host of impact-oriented measures towards competitiveness, building capacity and creating requisite support services.