Recent steps taken by the government to give relief to MSMEs will accelerate wheel of economy: Nitin Gadkari

Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has said that the recent steps taken by the government to give relief to MSMEs will accelerate the wheel of the economy.

He said, changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the economy which had slowed down due to lockdown in the wake of Pandemic.

Addressing a Virtual MSME Conclave organized by FICCI Karnataka State Council, Mr Gadkari said, loans of about Rs 1,20,000 crore have been disbursed to MSMEs out of Rs 3 lakh crore announced in the relief package.

He appealed to all the stakeholders to do away with all kinds of fear and negativity and assured that the government is doing everything possible to make the country a super economic power.

Discussing the problems related to delayed payments, he said that instructions have been given to all Ministries, Departments and PSUs to clear pending bills of MSMEs within 45 days. The Minister also urged all Chief Ministers to issue directions for clearing MSME dues by their State and Union Territories on priority. The Minister added that we are closely monitoring the complaints lodged at SAMADHAN Portal also.

The Minister informed the participants of the webinar that the government is working on the idea of a Land Bank and Social Micro Finance Institution which will be very helpful for entrepreneurs and persons who want to run small shops and businesses.

Discussing the Atmanirbhar Bharat Abhiyan, envisaged by Prime Minister Narendra Modi, he said that handloom, handicrafts, khadi industries and agro-based industries should be encouraged especially in 115 aspirational districts. We will have to plan special policies for the agricultural, rural and tribal sector because they have a huge potential of creating employment.