Jamshedpur, Feb 2: Micro, Small and Medium Enterprises (MSMEs) are the backbone of the Indian economy and play a crucial role in furthering growth, innovation, and prosperity. They contribute 38% to India’s GDP, 40% share of exports and 37% share of the manufacturing output, bearing testimony to their salient role in the social and economic restructuring of the nation.
MSMEs also make a significant contribution towards employment generation, especially in the rural areas by employing almost 120 million across the country 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. MSMEs also play a significant role in nation development through high contribution to domestic production, significant export earnings, low investment requirements, operational flexibility, location-wise mobility, low intensive imports, capacities to develop appropriate indigenous technology, import substitution, technology-oriented industries, and competitiveness in domestic and export markets thereby generating new entrepreneurs by providing knowledge and training.
In spite of their significance, these enterprises face an assortment of challenges and constraints such as shortage of skilled manpower, technological obsolescence, regulatory issues, financing issues, etc. The need of the hour is to heed the crucial hurdles that are thwarting the growth of these enterprises and prepare them, through timely policy interventions and structural changes, for a larger share of the global capital. MSMEs including start-ups mainly face the problem of finance. The government and non-government organisations seek to finance and allocate resources to MSMEs, but these resources often do not reach the targeted audience.
In addition to financing, there is also a need to focus coordination of activities of different government authorities to encourage MSMEs’. A collective effort between the government, private sector, industry groups, training organizations and MSMEs themselves is the most effective way to tackle the barriers that Indian MSMEs face. CII believes that there is a need to strengthen the entire support structure relating to mentoring, financing, quality standards, marketing inputs, and technology acquisition for SMEs. CII intends to play a significant role in this endeavor by supporting the MSMEs of the state.
Against this backdrop, encouraged by the earlier three editions, CII Jharkhand is organizing fourth edition of MSME conclave at Hotel The Cruze, Jamshedpur with the theme of “Re-energizing Global Value Chains for Jharkhand MSMEs”.
The 4th CII Jharkhand MSME Conclave would be a meeting ground of minds to highlight emerging opportunities, exchange ideas and evolve a roadmap for the MSMEs to play a meaningful role in the nation’s growth process. The Conclave would cover important topics of discussion including Doing Business with Indian Railways, MSME Financing & MSMEs – Challenges & Opportunities.