MSME Minister Gadkari bats for technology upgradation and attracting foreign investment to combat post COVID scenario

Circular No. ES/148/2020-21                                                      23rd May, 2020   

         

To : Members of the Council

 

Sub: MSME Minister Gadkari bats for technology upgradation and attracting foreign investment to combat post COVID scenario

 

Dear Member,

 

In a Press Release dated 20th May, 2020 issued by the Ministry of Micro, Small & Medium Enterprises, the Union Minister for MSMEs and Road Transport & Highways Shri Nitin Gadkari has called upon the MSME sector to consider Technology Upgradation and to look for foreign investment to forge ahead in the post-COVID scenario. He said that the relief package announced by the Prime Minister for the MSME sector should be utilised by the medium and small scale industry to jump back into action. Addressing the members of the Confederation of Faridabad Industries Association (CFAI) and Materials Recycling Association of India (MRAI) in two separate video conferences from Nagpur, the Minister said that this package will energize the local indigenous industry with new life.

 

Shri Gadkari said that the stimulus package announced by the Finance Minister will prove substantially helpful for the MSME sector. He informed that by 31st March, 2020, nearly 6 lakh MSMEs were restructured, and this number will be added by another 25 lakh by 31st December this year. The Fund of Funds worth Rs 10 thousand crores will be strengthened to Rs 50 thousand crores by adding other funds.

 

He said that orders have been issued to clear all MSME dues within 45 days. Shri Gadkari has requested the big industry as well to do the same. He informed that the Ministry's Samadhan portal has helped payment release of nearly Rs. 40 thousand crores to MSMEs. He also said that there are plans to bring in a scheme of providing loans to such units on the basis of their supply order to the big industries.

 

The Minister was very upbeat over the change of definition of the MSME sector. Raising the investment limit in this sector will give a great boost to the industry, which will now get easy finance from banks. He said that the sector was demanding this revision for long, and similarly, easing of the global tendering norm is a remarkable step. 

 

Shri Gadkari urged the industry representatives to join together and consider forming industrial clusters around the proposed Delhi-Mumbai green expressway, where land prices are low. He said that he is open to all such proposals, and will help the industry in this direction.

 

Members may please make a note of the above.

 

Thanking you,

 

Yours faithfully,

 

S.BALARAJU

EXECUTIVE DIRECTOR

 

 

Subscribe to SRTEPC mailing list

Exchange Rates