Government to double credit to SMEs in a push to employment generation, says MSME Secretary Arun Kumar Panda at Dare to Dream Awards

PM Narendra Modi-led government will be doubling financial assistance to the Micro, Small and Medium Enterprises (MSME) to push employment generation, which is a goal high on the NDA's agenda.

"The government will be doubling the financial help given to MSME this year so that there is more employment generation," revealed MSME Secretary Arun Kumar Panda to ZeeBiz.Com. Secretary Panda was speaking on the sidelines of Zee Business Dare to Dream Awards ceremony that was held in Delhi on Monday.

Secretary Panda also revealed various other projects that that government is promoting in mission mode. He said skilling and capacity building of almost 2 lakh people every year was being done. 

Panda said that a study by MSME Ministry revealed that average employment under the scheme was 7.62 persons per unit. Secretary Panda added that the move will help boost the overall employment numbers.

He said that the MSMEs are gradually coming into the formal fold.

"If you look at the registrations in the GST, there is a massive formalisation of the economy taking place. The MSMEs are benefitting from this," said Panda.

The secretary also said that government initiatives like Mudra, Prime Minister's Employment Generation Program and credit flow to the sector, have given a much-needed boost to the MSME sector.

He said that the technology centres set up by the government are helping people get skilled.

"Government has announced that it is going to set up 20 large and 100 small technology centres all across the country and this is going to be a massive outreach programme to the MSMEs," said Panda.

Watch This Zee Business Dare To Dream Award Video

Secretary Panda also described how some other initiatives have had a positive impact on the sector. He said that government e-marketplace portal and the MSME Sambandh Portal, launched last year, are helping the MSMEs in a big way.

Zee Business Dare to Dream Awards was organised to honor the MSMEs leaders for their outstanding contributions in the sector.