More facilities extended to MSME sector set to benefit ruling Congress in Rajasthan

The MSME units have also benefited from the flagship schemes launched by the State government for assisting them in the recovery from huge losses suffered by the sector during the COVID-19 pandemic

With an eye on the industrial sector ahead of the 2023 Assembly election, the Congress government in Rajasthan is extending more facilities to micro, small and medium enterprises (MSME) and helping them create employment opportunities for the youths. Credit support and settlement of claims are the major areas of giving strength to MSMEs through the banks.

The MSME units have also benefited from the flagship schemes launched by the State government for assisting them in the recovery from huge losses suffered by the sector during the COVID-19 pandemic. Several concessions were offered through the schemes such as the small industries promotion scheme and Dalit & Adivasi Udyam Protsahan Yojana.

At a vocational training program for entrepreneurs titled “MSME Prerna” held here earlier this week, Chief Secretary Usha Sharma said the MSME sector was the backbone of the State’s economy and had the potential to boost exports and develop the rural areas through innovations. “MSMEs have been contributing significantly to the State GDP and have a 40% share in exports at the national level,” Ms. Sharma said.

More than 400 entrepreneurs and MSME representatives were connected virtually in the training program, in which the industrial and banking experts provided useful tips for fast and sustainable growth of the units in various segments of economy.

The Indian Bank has prepared a web-based online program to help the MSME sector emerge successfully from the crisis arising out of the pandemic and develop its business capability and industrial potential. Entrepreneurs nominated by the bank’s branches across the State have been trained in the series of programmes.

The State has more than 6 lakh MSME units employing over 37 lakh people, while their exports stood at ₹72,000 crore in the last financial year. The new MSME policy announced in September this year has set the target for establishing 20,000 new MSME units with a cumulative investment of ₹10,000 crore.

The ruling Congress expects to get political dividends from the steps aimed at increasing productivity and enhancing profitability through a better regulatory environment. The release of loans on easy terms will also enable small business owners and investors to set up their ventures, which in turn will strengthen the manufacturing and services segments of the economy and create a favourable atmosphere for the government.