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25
April 2018
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Suresh Prabhu (The Total Investment & Insurance Solutions)
At
the inauguration of the International SME convention here, he said the new
document that will replace the industrial policy of 1991 has been prepared
keeping in mind the need to promote the gobal supply chain of large enterprises
India's new industrial policy, to be
announced soon, is designed to create an ecosystem to help the development of
micro, small and medium enterprises (MSMEs) and link them to the global market,
Commerce Minister Suresh Prabhu said on Monday.
At the inauguration of the International SME
convention here, he said the new document that will replace the industrial
policy of 1991 has been prepared keeping in mind the need to promote the gobal
supply chain of large enterprises, "which have an organic relationship
with small enterprises". "We have finalised the new industrial policy
and will be announcing it soon. It is going through an inter-ministerial
consultation," he said.
"SMEs are the lifeline of economic
activity in the whole world," the Commerce Minister said, adding there was
growing concern worldwide about the widening income inequality among various
strata of society, which phenomenon could only be reversed by promoting small
industry and creating jobs.
Last year, the Department of Industrial
Policy and Promotion brought out a draft industrial policy which aims to create
jobs, promote foreign technology transfer and attract foreign investment of
$100 billion annually. "There is a complementary relationship between
large and small enterprises. The word ecosystem comes from nature itself where
the existence of small trees and large undergrowth only allows the big trees to
flourish," Prabhu said.
"Big enterprises and MNCs require global
value and supply chain, which is not possible without MSMEs. Need of the hour
is strengthening these linkages between big and small, and together both will
propel the global economy," he added. In his address, Minister of State
for External Affairs M.J. Akbar cited the government's Mudra scheme for funding
the self-employed, particularly from the weaker sections.
He said more than of Rs 4,30,000 crore had
been transferred by way of funding under the Mudra scheme to the "poorest
of the poor, without collateral". "This has been transferred to 12
crore people and they are now creating jobs and products," he said.
"NPAs (non performing assets, or bad loans) of Mudra from 120 million
people are less than 7 per cent. 78 per cent of these loans have gone to women,
and the reason why NPAs are so low," he added.
Noting that there are around 65-70 million
MSMEs in the country, MSME Minister Giriraj Singh said the government has
promoted ease of doing business for the sector and now a unit could be
registered within a few minutes.The Total
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