Rajasthan Assembly Speaker Kailash Meghwal has said that small and medium scale industries would be the largest force in generating jobs for the youths in coming years.

Addressing the inaugural session of CII Finance and SME conclave, Meghwal said that MSMEs have always played major role in transforming the economy of business.

“The SME sector contributes about 8 per cent of the country’s GDP, 45 per cent of the manufacturing output and 40 per cent of the exports. However, to fuel this competitive edge and ensure that SMEs fully optimise their resources and opportunities, they need timely and unrestricted access to financial services“, he said.

He added that government, industry and society would have to work in tandem to realise the dreams like Make in India and Start Up-Stand Up India.

“The MSME sector is providing 6 crore employment and also generating 13 lakh new employments every year. In Rajasthan more than 90 per cent industries are MSMEs. Good quality products, encouraging government policies, availability of skilled labour, new technological interventions for quality enhancement and strong management skills of entrepreneurs reflects presence of MSME sector of the state“, the Speaker said.

But, he mentioned, delay in financial assistance at appropriate interest rate, timely release of loans and proper loan amount are the bottlenecks behind failure of MSME sector.

“Timely Financial Assistance is crucial for running successful MSMEs“, Meghwal added.

Industries commissioner Ajitabh Sharma said the state government is sympathetic towards SMEs sector.

He said the government is working for the simplification and ease of doing business in the state.

Nitin Gupta, Director and State Head of CII Rajasthan, other representatives and stakeholders of the industries were present in the conclave.

Source: Business Standard