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Govt Striving To Make MSME Sector Largest Employment Provider In India: BB Swain
The figure of 10.73 crore employment generated is based on self-declaration by MSMEs and the sector is surely on its way to becoming the largest employment provider in the country
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Micro, small and medium enterprises (MSME) ministry is striving to make it the largest employment sector in the country, said BB Swain, Secretary, MSME Ministry.
He said that the MSME ministry and SIDBI have been working together to launch a formalisation project in January this year to address the challenge of formalisation of the informal micro-enterprises.
While speaking at the ninth MSME Excellence Award and Summit organised by ASSOCHAM, he said that about 13 lack informal micro-enterprises have already been brought into the formal ambit through the project.
"The project also facilitates access to affordable credit and benefits of priority sector lending. The number of registered MSME has now reached 1.64 crore generating 10.73 crore employment in the process," Swain added.
He further said that we are looking beyond the formalisation of these micro units to make this sector the highest employment provider in the country.
"The figure of 10.73 crore employment generated is based on self-declaration by MSMEs and the sector is surely on its way to becoming the largest employment provider in the country," he explained.
Additionally, the reduction of guarantee fees for MSMEs will be started from 1 April 2023. The reduction will likely be to the tune of 50 per cent below 1 crore. The new PM VIKAS program for artisans and craftsmen will strengthen the MSME sector in the country, he added.