Govt Formalised More Than 1 Cr Informal Msmes In 3 Years: Official

(MENAFN- KNN India) Mysuru, Dec 16 (KNN) During the last three years more than one crore informal MSMEs had been brought into the formal sector, said Additional Development Commissioner, Central government Ishita Ganguli Tripathy.

She emphasised on the need for creating financial literacy and awareness of government schemes for growth of Micro, Small, and Medium Enterprises (MSMEs).

Tripathy was speaking after inaugurating an Outreach programme on Financial Literacy and Emerging Opportunities for MSMEs organised by Small Industries Development Bank of India (SIDBI) and Karnataka Small Scale Industries Association (KASSIA) in Mysuru on Friday.

She said the government had increased the allocation for MSME sector in the budget to promote their growth.

The MSMEs should make use of the government programmes, subsidies, and loan facilities made available to them from the banks.

KASSIA President Shashidhar Shetty said there were a total of 6.3 crore MSME's in the country many of which were in the informal sector. The MSMEs in the informal sector are encouraged to register themselves on the Udyam portal launched by the government of India about three years ago.

By registering themselves under Udyam initiative, the MSMEs become eligible for government schemes, subsidies and bank loans.

Chief general manager and Regional Head of SIDBI, Bengaluru, Satyaki Rastogi said a growth in the MSME sector in the rural parts of the country too has been noticed lately.

(KNN Bureau)

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