Adopt new technologies, AI, IOT; Sitharaman tells MSMEs

Mumbai: MSME (micro, small & medium enterprises) businesses should adopt new technologies like Artificial Intelligence, IOT, data analysis techniques and focus on implementation of skill-development and training centres with the help of cluster associations, advised Union Finance Minister Nirmala Sitharaman.
While addressing Laghu Udyog Bharati, Maharashtra Pradesh Adhiveshan, to promote and support the MSME sector here on Friday, she was quoted as saying in a release here, “MSME sector is the backbone of Indian economy and government is taking concrete steps to uplift and empower the sector. We have urged the private players to clear the payment cycle of MSME businesses within 45 days. Rs 6,000 crore incentive announcements have been done for first-time exporters under the RAMP scheme and more than Rs 500 crore has been transferred digitally to 18,000 MSMEs under the Self-Reliant India fund; to further promote the businesses.”
“We have 8,366 MSME-registered toy manufacturers in India and the government is supporting their growth by increasing the import duties and adhering to strict quality checks on toys. The khadi sector has grown exponentially in past eight years and 1.5 crore people have been given job opportunities,” she informed.
Speaking at the event, Narayan Rane, Minister for MSME, called the MSMEs as an integral part of India’s economy and said the youth should take up entrepreneurship and support the enterprises residing across India and help them avail the benefits of government schemes.
He said that the MSME businesses would be strengthened with supportive policies and reforms on a timely basis under the ‘Atmanirbhar Bharat’ Initiative.
“I urge the youth of this country to educate and take the MSME route actively to contribute towards the economic upliftment of India,” he added.
While, Devendra Fadnavis, Deputy Chief Minister of Maharashtra, said, “Maharashtra is on its path to become a one trillion economy to support India’s vision of becoming a five trillion economy.”
“The MSME sector forms a larger foundation to achieve this vision, and we are paving the way to achieve it by planning and implementing stringent policies and schemes for its upliftment… The government of Maharashtra believes in ease of doing business not only on paper but through practice and will holistically support the MSME segment to achieve its optimum potential,” he added. (UNI)