(MENAFN- KNN India) New Delhi, Feb 8 (KNN) The Minister of Micro, Small, and Medium Enterprises (MSME), Narayan Rane, announced in the Rajya Sabha that the government has taken significant steps to rejuvenate MSMEs adversely affected by the COVID-19 pandemic.
Rane revealed that a whopping Rs 2.41 lakh crore has been allocated as credit guarantee assistance to support the pandemic-hit sector.
Rane highlighted the remarkable progress witnessed, indicating that the GST revenue is now experiencing a steady rise of two percent annually post-COVID-19.
He attributed this resurgence to the government's credit schemes tailored for the MSME sector, which suffered a downturn and witnessed numerous closures during the pandemic.
Furthermore, Rane disclosed that exports have surged by an impressive 45.83 percent since the onset of the pandemic, showcasing a promising recovery for the MSME segment.
Under the leadership of Prime Minister Narendra Modi, a credit guarantee scheme totalling Rs 5 lakh crore was initiated, with a significant portion, Rs 2.41 lakh crore, dedicated to supporting MSMEs by facilitating access to credit.
Addressing the challenges faced during the pandemic, Rane acknowledged the shutdown of several industries and the resultant job losses.
However, he expressed optimism as these industries are gradually resurging, aided by government interventions.
In response to a question posed during the session, Rane provided statistical insights into the MSME sector's contribution to the Indian economy.
He cited data indicating that the share of MSME Gross Value Added (GVA) in the nation's GDP has shown an encouraging increase from 27.2 percent in 2020-21 to 29.1 percent in 2021-22.
Moreover, Rane emphasised the government's multifaceted approach towards bolstering MSMEs, including initiatives under the Make in India Programme, promotion of Ease of Doing Business, and enhanced availability of credit.
Additionally, he outlined the implementation of the International Cooperation (IC) Scheme aimed at facilitating MSMEs' participation in international exhibitions and trade fairs.
The establishment of 59 Export Facilitation Centres (EFCs) nationwide was cited as another crucial step to provide essential mentoring and support to Micro and Small Enterprises (MSEs).
Rane underscored the ministry's commitment to fostering inter-ministerial collaborations to strengthen MSMEs at the grassroots level, thereby enhancing their competitiveness and facilitating growth in global markets.
(KNN Bureau)
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