World MSME Day: MoS Pratap Sarangi launches MSME Forum for Indian entrepreneurs

Minister of State for MSME Pratap Chandra Sarangi launched an MSME Forum for Indian entrepreneurs on World Micro, Small and Medium-sized Enterprises (MSME) Day. 

Speaking on the World MSME Day, Pratap Sarangi said, "All my best wishes are with the newly launched MSME Forum and its creators on this day when the entire planet is celebrating World MSME Day. I'm sure this MSME Forum will flourish soon and bring a new change in the country. My message to all the Indian entrepreneurs that entrepreneurship in Bharat is not new and has always been appreciated and highly looked upon by the other nations for centuries." 

He further added, "Thousands of years back the business linkage between Bharat and other countries were of 98 percent. India's global GDP contribution during the 1700s was 25 percent. Albeit the figure has come down, still it's time to accelerate the graph and again prove our superiority."

The Minister further thanked Prime Minister Narendra Modi for adopting several steps for reviving India's economy. According to him, the Rs 20 crore economic package will have a huge positive impact on the MSME sector. "Various facilities have been provided with no collateral for the benefits of the micro, small and medium-sized entrepreneurs. There are various packages which you can get in the government portals to ensure the rapid boosting of India's economy and making the country Atmanirbhar," he said. 

During the launch, the opening speech was given by the CEO of MSME Forum Ashutosh Kumar. Further, several sessions were conducted by people including  Chief Mentor, MSME Forum of India-- Ravi Chanakya, CIO-MSME Forum Dharmendra Saxena, Manava Prem, Partner, Arora Prem and associates, Vijay Sethi, CIO Hero MotoCorp, Manoj Kumar Trivedi, MD, and many more. 

Read: SBI sanctions loans to over 4 lakh MSMEs under credit guarantee scheme

About MSME Day 

On April 6, 2017, the  United Nations General Assembly (UNGA) had declared June 27 as Micro, Small and Medium-sized Enterprises (MSME) Day. The main effort is to create more opportunities and the right ambiance for the MSME in order for them to have multiple options to take their businesses to the pinnacle. 

Read: Gadkari announces Cabinet decisions; packages worth Rs 70,000 cr being released for MSM

Cabinet's approval to boost MSME sector 

On June 1, the Union Cabinet approved the upward revision of MSME definition after receiving representations that the revision of definition in the recently announced Aatmanirbhar Bharat economic package was not in tune with market conditions. As per the revised definition, it is now Rs.50 crore of investment and Rs.250 crore of turnover. Moreover, the turnover with respect to exports is not counted in the limits of turnover for any category of MSME units. 

Addressing a press briefing, Union Information and Broadcasting Minister Prakash Javadekar had elaborated that the Cabinet had also approved the provisioning of Rs.20,000 crore as subordinate aid to provide equity support to the stressed MSMEs. The equity infusion of Rs.50,000 crore for MSMEs through Fund of Funds had received approval as well. This not only establishes a framework to help MSMEs in capacity augmentation but also provides an opportunity to get listed in the stock exchanges. 

Read: PM Modi launches CHAMPIONS portal to support the MSME sector; read objectives here

Read: Cabinet announces 'historic decisions' for stressed MSME, farm sector post meeting with PM

(With ANI Inputs)