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India to support MSMEs

India will support micro, small and medium enterprises with finance, legislation, certification, quality control programs, and R&D. The textiles ministry will get in touch with small scale manufacturers, who are meeting exports compliances and meeting delivery schedules. They have been granted a host of benefits like a portal which is empowered to grant them loans of up to a crore in less than an hour. Access to credit, to the market, technology upgradation, ease of doing business, and a sense of security for employees are some of the other benefits. It is expected these will go a long way in mitigating the problems of small businesses.

Established opportunities will be diversified instead of leaving the space for one Export Promotion Council or one segment. Domestic capabilities will be augmented. The aim is to ensure India does not remain a nation of job workers but a leader in the textile sector. So, for instance, there won’t be just ten big textile companies but a hundred such companies. The manmade fiber sector will be encouraged to add to its capacity and occupy the space vacated by China. This country has vacated its apparel space in the last three years and most of this has been in the manmade fiber sector.

 
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