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MSME will get global recognition, loan will be available through UPI; Know the government's plan
The MSME Ministry is trying to make Indian MSMEs global. Many changes can be seen in this regard in the coming days. These days a framework is being prepared for MSMEs, especially medium enterprises. By the end of this month, the process of giving loans to MSMEs through UPI can start. This facility will be mainly for micro-entrepreneurs.
The MSME Ministry and NITI Aayog are currently engaged in the exercise of transforming Indian MSMEs into world-class ones like in Germany. The government is keen on positioning MSMEs in the global value chain so that their contribution to exports increases.
Keeping this in mind, nowadays a framework is being developed for MSMEs, especially medium enterprises. In last month's budget, it was declared to make MSMEs worldwide have a supply chain. MSMEs account for 55 percent of Germany's GDP. MSMEs contribute around 30 percent of the Indian GDP.
Germany, according to experts, is an MSME-led economy and this has been possible due to the increased adaptation of technology among MSMEs. Indian MSMEs are yet to catch up with the European countries in the use of technology. Therefore, a comprehensive survey on the usage of technology in the MSME sector is being conducted by NITI Aayog and also efforts are underway to identify whether the technology used in Indian MSMEs is at par with the international level or not.
