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MSME Support UUPSC NOTE

 Proposed measures

  • Recently, Union Minister for MSMEs Jitan Ram Manjhi said six pillars were identified as focus areas for the growth of the MSME sector — 

    • formalisation and access to credit

    • increased access to market and e-commerce adoption, 

    • higher productivity through modern technology, 

    • enhanced skill levels and digitalisation in the service sector, 

  • support to Khadi, Village and Coir industry to globalise them,

  • empowerment of women and artisans through enterprise creation.

Reasons to Support MSMEs

  • India now aiming to reach $2 trillion by FY30, which requires a CAGR of 14.4%. 

  • This is a challenge in the current geopolitical situation but within the realm of reach. 

  • It requires supporting exporters and the MSME sector by providing an enabling and supportive ecosystem.

  • The importance of bolstering MSMEs is more important in the current situation as the sector is the backbone of the Indian economy and a key employment generator. 

Proposals for MSME Support

  • For this sector to sustain and grow in the current challenging situation, one strong demand by the MSMEs is that the non-performing asset (NPA) timeline be extended to 180 days from 90 days.

  • It will provide relief to the sector as many MSMEs are struggling because of this. 

  • The Credit Guarantee Scheme for micro and small enterprises in the manufacturing sector must also be revamped.

  • The Interest Equalisation Scheme emphatically supports exports. 

  • This scheme may be extended for a period of five years. 

  • Coming to the rise in interest rates consequent to the increase in repo rate from 4.4% to 6.5% in the last two years, the subvention rates may be restored from 3% to 5% for manufacturers in MSMEs and from 2% to 3% for all in respect of 410 tariff lines

  • For the textile and garment sector, which is dominated by MSMEs, and the Remission of Duties and Taxes on Exported Products [RoDTEP] and Rebate of State and Central Taxes and Levies[ROSCTL] schemes should be extended for another five years for the sector.

  • The Budget must consider reintroducing the Emergency Credit Line Guarantee Scheme for MSME exporters for another two years. 

  • This supported most MSME units with their exports

  • The timeline for payments to MSME job work must be extended to 120 days from the current 45 days as the RBI permits a time limit of 180 days for the realisation of export proceeds

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: MSME Support UUPSC NOTE
MSME Support UUPSC NOTE
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