Multi-dimensional interventions required to boost SMEs sector: Govt

The government said Tuesday that multi-dimensional interventions are required to boost the domestic small and medium enterprises (SMEs) sector.

"We are aware of the problems faced by the SMEs and these cannot be addressed by any single ministry. The intensive drive undertaken by the government recognises the need for multi-dimensional interventions required for the SMEs," Union Minister for Steel Chaudhary Birender Singh said addressing an event here.

The event was attended by over 100 members of the SMEs sector.

The Ministry of Finance and the Ministry of Micro, Small and Medium Enterprises, along with several other ministries, are taking steps to enable growth of various industries, clusters of SMEs including textile, chemical and fertilisers, health, pharmaceutical and food processing industries, Singh said.

He also said there are immense business opportunities for small-scale businesses in the country and the government realises the importance of the SMEs sector and is committed to empowering the industry.

"Various schemes and programmes are also being implemented. Their aim is to augment the credit delivery, improve infrastructure, strengthen marketing and utilise technology for SMEs," he added.

When asked about the impact of the US decision to withdraw duty benefits under the Generalized System of Preferences (GSP) programme on steel exports, he said: "We should not be jittery on this account."

US President Donald Trump has said he intends to end the preferential trade status granted to India and Turkey, asserting that New Delhi has failed to assure America of "equitable and reasonable" access to its markets.