Suresh Prabhu for strengthening MSMEs for robust economy

Potluri Bhaskar Rao, president of AP Chambers and Ameya Prabhu, president of Indian Chamber of Commerce, exchanging documents after signing the memorandum of understanding in Vijayawada on Monday. General secretary of AP Chambers B Rajasekhar, former MP Gokaraju Gangaraju, Former Union Minister Suresh Prabhu, Director General of India Chamber of Commerce Rajiv Singh and treasurer of AP Chambers Akkaiah Naidu are also seen.

Vijayawada: Former Union Minister Suresh Prabhu stressed on strengthening the Micro Small and Medium Enterprises (MSME) sector to achieve the 5 trillion dollar economy, ensuring the benefits are reaped by the MSMEs and increasing the per capita income of the citizens.

He was addressing an interactive session organised by Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) with Indian Chamber of Commerce president Ameya Prabhu and its Director General Rajiv Singh here on Monday.

Suresh Prabhu opined that the MSMEs should be developed at the district-level based on the strength of each district such as its natural resources and human resources. The government should create a fund for technological upgrading of MSMEs and India should become the innovation capital of the world. He was of the firm opinion that for India to have a great future, MSMEs need to be a part of it.

AP Chambers and Indian Chamber of Commerce signed an MoU to collaborate and work together for the progress of the industry in the State and the country.

Earlier, president of AP Chambers Potluri Bhaskara Rao said that the MSME sector is the backbone of our economy. But MSMEs have been facing many problems.

The share of MSME exports has been declining and MSMEs have been facing low labour productivity. Welfare schemes are a roadblock to labour productivity. He requested Suresh Prabhu to take up these issues with the Union government. With the support of the Central and State governments, he is confident that the upskilling of manpower and adoption of new technologies will take place and propel the MSME sector.

President of the Indian Chamber of Commerce, Ameya Prabhu, stated that the ICC has expanded its presence in the past one year and set up offices in 25 countries and is present in many States across India.

Director General of Indian Chamber of Commerce, Rajiv Singh said, “The Indian Chamber of Commerce was founded in 1925 and will celebrate 100 years of its existence this December.”

AP Chambers general secretary B Raja Sekhar, treasurer S Akkaiah Naidu and other office-bearers participated in the session. Many members of AP Chambers and its affiliated associations representing different sectors participated in the session.