Considering the challenges face by the MSMEs in the state, the government of Punjab would set up a dedicated organisation ‘MSME Punjab’ to focus on the development of MSMEs and to make it highly vibrant and dynamic.
Under the state’s Draft Industrial Policy 2017 that was released on July 28, Micro, Small and Medium Enterprises, Startup and Entrepreneurship, Skill Development, Ease of Doing Business and Fiscal Incentives are being mentioned and taken into consideration.
As MSMEs sector is the engine of the economy, the state will take its approach to MSME sector development. The state also recognises that different stages of MSMEs have different needs. MSME growth can be broadly classified into five stages – Ideating a Business, Starting a Business, Growing a Business, Reviving a Business and Exiting a Business. The policy will address various needs that emerge in these stages. The Policy is not merely subsidisation of factors of production but growth and performance oriented. The policy will strengthen the state institutions to support a smart MSME ecosystem driven by efficiency and innovation. Setting up of ‘MSME Punjab’ will focus for the development of MSMEs.
The State will also launch “Startup Punjab” to build a strong ecosystem for nurturing innovation and Startup. The State will ensure necessary convergence and synergy in various central and state programmes promoting innovation, entrepreneurship and Startup.
The State would also encourage private sector lead incubation centres and accelerators and provide them necessary support. The State would frame a scheme to provide various fiscal and non-fiscal incentives to promote development of incubation centres in private sector.
MSME Punjab will have dedicated divisions and requisite competencies to provide necessary assistance to MSME units in access to finance/credit, access to technology, access to market, access to skills and other needs of the sector. The organisation will be assisted by professional agencies in delivering various services to its stakeholders.
