Govt ready for key policy changes to encourage small entrepreneurs: PM Modi – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/india/govt-ready-for-key-policy-changes-to-encourage-small-entrepreneurs-pm-modi/articleshow/92582694.cms

Synopsis

The Centre has increased the budget by more than 650% in the last eight years to strengthen the MSME sector, Modi said. “If any industry wants to grow, expand, then the government is not only supporting it, but is also making necessary changes in the policies,” Modi said.

Prime Minister Narendra Modi on Thursday assured the Micro, Small and Medium Enterprise (MSME) sector that the government was ready to make necessary policy changes to encourage small entrepreneurs as they play a key role in its ‘AtmaNirbhar Bharat’ (self-reliant India) initiative.

Addressing the ‘Udyami Bharat‘ programme, Modi exhorted small entrepreneurs to register themselves on the Government e-Marketplace (GeM) portal for supplying goods to the government. “MSME is essential for AtmaNirbhar Bharat… The MSME sector has played a monumental role in shaping AtmaNirbhar Bharat in the past eight years,” Modi said, adding that he would like to see 10 million new registrations on the GeM portal in the next week.

The Centre has increased the budget by more than 650% in the last eight years to strengthen the MSME sector, Modi said. “If any industry wants to grow, expand, then the government is not only supporting it, but is also making necessary changes in the policies,” he said.

The prime minister also said that the turnover of Khadi and Village Industries Corp (KVIC) has crossed Rs 1 lakh crore for the first time and khadi sales have increased four times in the last eight years.

Earlier, Modi launched a Rs 6,000 crore ‘Raising and Accelerating MSME Performance’ (RAMP) scheme and the Capacity Building of First-Time MSME Exporters (CBFTE) programme to encourage exports of products and services.

He also launched new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP). These include an increase in the maximum project cost to Rs 50 lakh (from Rs 25 lakh) for the manufacturing sector and Rs 20 lakh (from Rs 10 lakh) for the services sector.

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