The MSME sector of India contributes around 30% of the GDP of the Indian economy. This is a huge portion of the GDP as compared to other sectors' contributions to the Indian economy. The MSME sector is considered as the backbone of India’s economy and after knowing the importance of the MSME sector, The Government of India has launched many MSME Loan Schemes.
The ministry of micro, small & medium enterprises has launched many schemes from time to time to boost the MSME sector of India. MSME sector is the growth engine of the Indian economy, that creates millions of jobs every year.
It is a must to boost the MSME sector for the rapid development of the Indian economy. The Government of India has taken many steps over the last few years to provide financial assistance to the MSME sector,
I would like to suggest some more ideas that will help to improve the MSME sector of India.
Market Reach: Every manufactured or produced commodity needs a ready market for sale. If your products don't have a market reach, then it will negatively affect your business as well as the growth of the MSME industry. The government should do proper planning for every product to provide them a ready market.
Quality Control: Most of the MSME sector products and services are unable to compete with big branded products and services because of poor quality production. For resolving this issue we need to take precautionary steps to offer quality products with maximum customer satisfaction.
Plant & Machinery: Generally small enterprises don,t have sufficient liquidity to install heavy plant & machinery to increase their production scale to meet the required market demand. The Government should provide more financial assistance to those MSME sectors that have more potential with their products.
Land Acquisition: The land requirement to set-up a business is one of the major issues and it negatively affects the MSME sector. It is a difficult task to acquire the desired land with proper road connectivity for micro business owners. For resolving this issue, the Government should revise Land Acquisition rules for the continuous growth of the MSME sector.
Bank Borrowing with minimum interest rates: The Government of India has introduced many MSME schemes to finance the MSME sector of India over the past few years under the prime minister Narendra Modi leadership. Apart from this, the Government should provide an option to those MSME sectors that don,t fall under the Government schemes.
Skilled Manpower: The shortage of skilled laborers always hurts the quality production of an enterprise. The Government of India should take necessary measures to convert unskilled manpower to skilled manpower with proper training & education support.
There are a number of factors that may affect the continuous growth of the MSME sector. Here I have mentioned the major factors that will directly boost the MSME sector of India. However, if you are eager to understand what is the scope & possibilities of the MSME sector in India visit MSME NEWS.
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