Government adjusts required policies to support MSME sector: Mr. Modi

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The government is prepared to implement the required policy adjustments to support small business owners, who are essential to the government’s “AatmaNirbhar Bharat” (self-reliant) strategy, Prime Minister Narendra Modi informed the MSME sector on Thursday.

In his remarks on the “Udyami Bharat” programme, the prime minister urged small business owners to sign up on the GEM portal in order to supply items to the government.

MSME is crucial to Aatma Nirbhar Bharat… In the last eight years, the MSME sector has significantly shaped the AatmaNirbhar Bharat, according to Modi, who added that he hopes to see one crore new registrations on the GeM platform in the coming week.
In order to develop the Micro, Small, and Medium Enterprises (MSME) sector, the government has increased the budget by more than 650 percent over the past eight years, according to Modi.

According to Modi, the government not only supports any industry that wants to develop and thrive but also makes the required adjustments to its policies. He also disclosed that Khadi and Village Industries’ revenue had climbed four times over the previous eight years and had surpassed Rs 1 lakh crore for the first time.

In order to promote the export of goods and services, Modi previously unveiled the Rs 6,000 crore “Raising and Accelerating MSME Performance” (RAMP) scheme and the Capacity Building of First-Time MSME Exporters (CBFTE) scheme.

New elements of the “Prime Minister’s Employment Generation Program” were also introduced by the Prime Minister (PMEGP). These include raising the maximum project cost for the industrial sector from Rs 25 lakh to Rs 50 lakh and from Rs 10 lakh to Rs 20 lakh for the service industry.