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Govt. To Set Up 500 Incubation Centres For SMEs across India

Govt. To Set Up 500 Incubation Centres For SMEs across India

There's good news in store for MSME sector. The new government at centre has decided to take various steps to help boost the micro, small and medium enterprises sector, which include opening 500 incubation centres in the country and help India based startups in getting easy loans and finance.

According to Kalraj Mishra, MSME Minister, "We have decided that we will run 500 incubation centres in the country. At present there are only 84 centres. I request the corporate sector to encourage people to open these centres. It will help in providing skills and employment to youth."

He also added that his government would try to ensure that all the public sectors units procure at least twenty percent of their goods from MSME sector.

According to Mishra, "As far as procurement policy is concerned, only 32 PSUs have complied with twenty percent mandatory procurement out of the existing 277 Public sector units."

In order to teach those Public sectors units who fail to meet the mandatory 20 percent procurement by April next year a lesson, the government is planning on amending its public procurement policy.

Incubation Centres work towards promoting and supporting the untapped, undiscovered creativity of individual innovators. It further assists them in becoming world class technology based entrepreneurs. It also teaches them the ways to improve networking and forge linkages with others for the commercialization of their own developments.

In order to provide a higher capital ceiling, the government is also considering revising the official definition of MSMEs.

"MSMEs should not face problem in getting bank loans. MSMEs will help in boosting the country’s economy. The sector is the back bone of the country", said Mishra.

The MSME sector accounts for about 45 percent of the manufacturing output and 40 percent of the total exports of the country. It contributes a total of eight percent of the Gross Domestic Product (GDP). The sector is also the largest job provider in the country after the agriculture sector.

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