ASSOCHAM Session on “Modernization of MSMEs”

24 May, 2021

About Event



The backbone of the Indian economy, the Micro, Small & Medium Enterprises (MSME) sector has contributed significantly to the growth and development of the country. The MSME sector contributes 29.7 percent to India’s GDP and accounts for 49.66 percent of Indian Exports and close to 45 percent of the manufacturing output of the country and employs more than 11 crore people. The MSME sector was one of those hit hardest by the COVID-19 pandemic, as supply chains disrupted across the world and trade came to an almost standstill.
 
The Ministry of MSME has undertaken several path-breaking initiatives in MSME sector during the last year. These include putting in place financial support mechanism through Fund of Funds, broadening definition of MSMEs, introducing IT based Champions platform to provide solutions to issues of MSMEs and many more.
 
The Union Budget has doubled the allocation to micro, small and medium enterprises (MSMEs) to ₹15,700 crore for the next financial year 2021-22.
 
MSMEs have gained increased attention in India in recent times, considering their strategic importance to the economy and the country. In spite of their contributions, MSMEs in India face several challenges. They often need to keep pace with rapidly changing technologies and face the risk of becoming technologically obsolete.
 
These opportunities should be used for bold and rapid structural modernisation of Indian MSMEs, to attain Atmanirbhar Bharat. There is a need to upgrade skills in tune with the call of Hon’ble Prime Minister Shri Narendra Modi—skill, reskill and upskill. Studies indicate MSMEs can increase revenues by 34% with the help of digital tools, especially in tier-2 and tier-3 Indian cities.
 
The prime objective of the Session is modernization of the  MSME sector and making them globally competitive. Keeping this in view, we propose to organize a Session on “Modernization of MSMEs” on Monday, 24th May 2021 from 3:30 pm to 5:00 pm.
 
We are pleased to inform you that Hon’ble Minister of State for Ministry of MSME, Government of India has confirmed as a ‘Chief Guest’ for this important Session discussion.
 
It is requested that for more details or any other speaker and sponsorship related queries, Mr. Vinay Pandey, E: vinay.pandey@assocham.com ; M: +91 97171 65847, may please be communicated by your good office.