The Indian government seems to have big things planned to drive in more Indian women into entrepreneurship this new year. According to a recent statement made by a senior official of the Ministry of Micro, Small and Medium Enterprises (MSME), the central government is currently considering launching an exclusive scheme for Indian women entrepreneurs.
Talking to reporters at an event in Hyderabad, B H Anil Kumar, a Joint Secretary in the MSME Ministry said, “It will be an exclusive scheme for women entrepreneurs. We have not yet finalised the contours. Hopefully, we will launch it before the end of the financial year.”
Kumar was in the city to officially unveil industry body ASSOCHAM’s new portal, myloanassocham.com. According to the body, the prime objective of the portal is to connect perspective Banks and borrowers in a seamless manner and creating financial literacy amongst the SME members. The portal will provide partner banks an opportunity to brand all loan products and achieve the priority sector credit targets through lending the eligible borrower over the portal, MUDRA products and loan for start-ups.
During the event, Kumar also highlighted the fact that the figures doing round in the industry and newspapers that the Indian MSME sector contributes just 8 percent to the country’s GDP, 45 per cent of the manufacturing output and 40 per cent of the exports are based on old survey reports of 2007.
He said that these 2007 survey reports have been extrapolated. He also added, that these were random surveys, and it’s not even clear about how much of these figures highlighted in the survey are based on hardcore data.
Taking this into account, the Ministry has decided to create a new and up-to-date MSME data bank so as to project the actual requirements of the sector.
Kumar also said that RBI has issued guidelines for creation of committees for revival and rehabilitation of MSMEs which are currently fighting a lot of stress due to several factors. Banks are currently in the midst of setting up these committees at State levels all around the country.
Kumar also highlighted that since 90 per cent of the MSMEs in India are either based on proprietorship or partnership model, there’s an urgent need to set up a corporate structure so that no enterprise has to shutdown its shop when its entrepreneur passes away.
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