Ready to make policy changes for small entrepreneurs: Modi

Prime Minister Narendra Modi on Thursday assured micro, small and medium enterprises (MSMEs) that the Centre is ready to make necessary policy changes to encourage small entrepreneurs as they play a key role in the realisation of the government’s ‘Atmanirbhar Bharat’ (self-reliant) initiative.

Modi also said the focus of the government’s policy is on the MSME sector to ensure that unique local products are able to reach the global markets and subsequently boost the Indian economy.

“You may be called micro, small or medium entrepreneurs, but your role is significant in India’s ascend in the 21st century,” Modi told entrepreneurs here at Vigyan Bhawan.

The Prime Minister’s remarks came as he launched two schemes for the sector. The Raising and Accelerating MSME Performance scheme, with an outlay of around ₹6,000 crore, aims to scale up the implementation capacity and coverage of MSME across states, with impact enhancement of existing MSME schemes.

The second scheme, the Capacity Building of First-Time MSME Exporters (CBFTE), aims to encourage entrepreneurs and achieve international standards for export of products and services.

“Our government is taking decisions and making new policies keeping in mind your (MSMEs) ability and the immense potential of this sector,” Modi said.

As the MSMEs account for almost one-third of India’s economy, strengthening the sector will strengthen the entire society, he added.

In the last eight years, the government has increased the budget allocation for MSMEs by more than 60% to strengthen the sector, the Prime Minister said. “For us, MSME means maximum support to micro, small and medium enterprises,” he said.

Modi also said that MSMEs are critical for employment generation as over 110 million people are connected with the sector.

There was a time when previous governments did not recognise the importance of the MSME sector and shackled it by adopting policies that stunted their growth, Modi said.

“If any industry wants to grow and expand, then the government not only supports it but also makes necessary changes in the policies,” he added.

High speed internet for every village

Modi, meanwhile, said the government is working to provide high-speed internet to every village.

Speaking at the inauguration of the new ‘smart’ campus of Bosch India, a leading supplier of technology and services in Bengaluru via video conference, Modi urged the world to make use of the opportunities in the digital and technology space and invest in India.

“Our vision of a Digital India includes integrating technology with every aspect of government. I would urge the world to make use of these opportunities and invest in our nation,” he said.