President Presents National Awards to Micro, Small & Medium Enterprises

The President of India, Shri Pranab Mukherjee presented National Awards to Micro, Small and Medium Enterprises (MSME) and Banks at a function at Vigyan Bhavan today (April 3, 2013).

Speaking on the occasion, the President said that the micro, small and medium enterprises is perhaps the most crucial link between India’s economic growth and socio-economic transformation. He stated that this sector contributes about 8 per cent of the country’s GDP, 45 per cent of the manufactured output and 40 per cent of the total exports.

The President said that the challenges to the MSME sector in India are many. He said that this sector has great potential to be a true agent of socio-economic change. But for that, we must direct our efforts at increasing the competitiveness of this sector by enhancing the availability of institutional credit, promoting innovation and technology, providing adequate industrial infrastructure, meeting the demands for skill development and capacity building, and strengthening market support, he added. He said that the growth potential of the MSME units should not be impeded by lack of access to financial resources. He stated that there is a need to increase the reach and coverage of financial institutions by expanding branch network to locations near industrial clusters.

The President said that our future progress would be determined largely by the level of technology that would drive our economy. Innovation and technology provides the competitive edge that our industrial sector at large and the MSME sector in particular should not be deprived of, he stated. He said that MSME units can prosper only if there is a concerted effort at widening the market for their products. He stated that market development assistance - trade fairs, packaging technology, bar coding and standardization- should be strengthened through the joint efforts of the Government and industry associations. The private sector must be active participants in the process of rejuvenating the MSME sector, he added.

The President congratulated all the award winners and expressed the hope that their success would inspire millions of small entrepreneurs working diligently through the length and breadth of the country.

Among the dignitaries present on the occasion were Union Minister of State (Independent Charge) for Micro, Small and Medium Enterprises and Secretary, Ministry of Micro, Small and Medium Enterprises.

This release issued at 1320 hrs