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MSME sector has better adaptability to cater to export market: Piyush Goyal

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08 Jan, 20 05:48
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MSME sector has better adaptability to cater to export market: Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that the Micro, Small and Medium Enterprises, MSME sector has better adaptability to cater to the export market due to its smaller size and can adapt to market change sooner. He was speaking during a meeting held in New Delhi yesterday to discuss with MSME associations various industry issues and examine the steps that may be taken to resolve them.

Many issues pertaining to the MSME sector were put up for discussion with Minister by MSMEs through the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), the Associated Chambers of Commerce and Industry of India (ASSOCHAM), SME Chamber of India and PHD Chamber of Commerce and Industry.

The most important issues that were discussed in the meeting included the problem faced by SME units in accessing credit from banks, delay in payments from Public Sector Units and Government departments, the issue of GST refund, the dearth of skilled manpower in the SME sector and the issue of differing wages in States across the country.

The MSME sector in India employs over 100 million people and accounts for 45 per cent of manufacturing output and more than 40 per cent of the country’s exports.

With 63.4 million units throughout the country, MSMEs contribute around 6.11 per cent of the manufacturing GDP and 24.63 per cent of the GDP from service activities.


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