Union Minister Urges Psus To Prioritise Msmes In Procurement

2024-08-31 04:19:20

(MENAFN- KNN India) Bengaluru, Aug 31 (KNN)
Union Minister of State for Micro, Small, and Medium Enterprises (MSMEs) Shobha Karandlaje emphasised the need for public sector industries to prioritise MSMEs when purchasing spare parts and raw materials.

She announced plans to submit a memorandum on this policy to Prime Minister Narendra Modi soon.

Speaking at the MSME conclave organised by the Federation of Karnataka Chambers of Commerce & Industry (FKCCI) in Bengaluru, Karandlaje highlighted the vital role MSMEs play in the industrial development of India.

"MSMEs are crucial for creating jobs and driving GDP growth," she said. The Minister also noted the increased allocation for MSMEs in the Union budget, aligning with Prime Minister Modi's vision of a "Vikasit Bharat" (Developed India).

Karandlaje expressed concern over large Public Sector Undertakings (PSUs) importing raw materials from abroad. She announced her ministry's plan to urge the Prime Minister to direct PSUs to prioritise purchases from Indian MSMEs, thereby boosting the local economy and promoting self-reliance.

Highlighting the demand for increased support, Karandlaje revealed that about five lakh applications are received annually to start new MSMEs, but only 90,000 currently receive subsidies. "We have submitted a proposal to the Finance Minister to enhance this subsidy component," she added.

FKCCI President Ramesh Chandra Lahoti emphasised that the two-day conclave serves as a platform for young entrepreneurs to learn about starting MSMEs and accessing various government schemes. "Our goal is to foster a supportive environment for MSMEs, providing necessary financial and infrastructural support," Lahoti said.

The conclave featured several key industry figures, including FKCCI President-Elect M G Balakrishna and Peenya Industries Association President Shivakumar, and focused on promoting growth and sustainability in the MSME sector.

(KNN Bureau)

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