Bengal Summit Highlights MSMEs for Employment Growth
ECONOMY & POLICY

Bengal Summit Highlights MSMEs for Employment Growth

In a strategic move to fortify employment prospects, Mamata Banerjee announced that the 7th edition of the Bengal Global Business Summit (BGBS) will shine a spotlight on micro, small, and medium enterprises (MSMEs). The summit, scheduled for November 21 and 22, underscores the pivotal role of MSMEs in generating job opportunities.

Banerjee, while inaugurating a handicraft exhibition at Milan Mela, highlighted the significant employment contribution of the MSME sector compared to larger industries like cement production units. This focus aligns with her vision of channelling investments into MSMEs to enhance job creation.

The Chief Minister emphasised her government's commitment to support MSME investment through various incentives. She announced plans to provide land for exhibition units to weavers and unveiled facilities for the sector. The administration aims to provide identity cards to MSME investors to mitigate unnecessary hassles.

Additionally, private industrial parks will receive government approval, strengthening the MSME sector. Initiatives like the Bhabishyat Credit Card, offering soft loans up to Rs 0.5 million with a government subsidy of Rs 25,000, have garnered substantial interest.

Banerjee's choice to bolster the MSME sector is strategic, aiming to address employment challenges ahead of the 2024 Lok Sabha polls and the 2026 Assembly elections. With more than 20 per cent of public concerns revolving around employment, promoting the MSME sector resonates as a proactive solution.

As Bengal's endeavours to attract larger investments face challenges, focusing on its renowned handicrafts appears to be a prudent step. Banerjee's emphasis on leveraging the state's expertise in leather products, handlooms, bamboo crafts, and dokra items demonstrates a commitment to harnessing local talent for employment creation.

By directing attention to the MSME sector, Banerjee aims to not only fuel economic growth but also address the pressing employment needs of the state, underscoring the sector's potential to redefine Bengal's economic landscape.

In a strategic move to fortify employment prospects, Mamata Banerjee announced that the 7th edition of the Bengal Global Business Summit (BGBS) will shine a spotlight on micro, small, and medium enterprises (MSMEs). The summit, scheduled for November 21 and 22, underscores the pivotal role of MSMEs in generating job opportunities.Banerjee, while inaugurating a handicraft exhibition at Milan Mela, highlighted the significant employment contribution of the MSME sector compared to larger industries like cement production units. This focus aligns with her vision of channelling investments into MSMEs to enhance job creation.The Chief Minister emphasised her government's commitment to support MSME investment through various incentives. She announced plans to provide land for exhibition units to weavers and unveiled facilities for the sector. The administration aims to provide identity cards to MSME investors to mitigate unnecessary hassles.Additionally, private industrial parks will receive government approval, strengthening the MSME sector. Initiatives like the Bhabishyat Credit Card, offering soft loans up to Rs 0.5 million with a government subsidy of Rs 25,000, have garnered substantial interest.Banerjee's choice to bolster the MSME sector is strategic, aiming to address employment challenges ahead of the 2024 Lok Sabha polls and the 2026 Assembly elections. With more than 20 per cent of public concerns revolving around employment, promoting the MSME sector resonates as a proactive solution.As Bengal's endeavours to attract larger investments face challenges, focusing on its renowned handicrafts appears to be a prudent step. Banerjee's emphasis on leveraging the state's expertise in leather products, handlooms, bamboo crafts, and dokra items demonstrates a commitment to harnessing local talent for employment creation.By directing attention to the MSME sector, Banerjee aims to not only fuel economic growth but also address the pressing employment needs of the state, underscoring the sector's potential to redefine Bengal's economic landscape.

Next Story
Infrastructure Urban

MoHUA Plans New Role for Smart City SPVs

In a significant policy move, the Ministry of Housing and Urban Affairs (MoHUA) has issued an advisory encouraging the continued use and repurposing of Special Purpose Vehicles (SPVs) formed under the Smart Cities Mission (SCM). This marks a step toward sustaining urban transformation by leveraging institutional capabilities and infrastructure developed over the past decade.Initiated in 2015, the Smart Cities Mission introduced a new era of urban planning in India, with each of the 100 selected cities forming SPVs under the Companies Act, 2013. These entities, jointly owned by state government..

Next Story
Infrastructure Urban

ADB Approves $110 Million Loan to Boost Skills in Gujarat

The Asian Development Bank (ADB) has approved a USD 109.97 million (Rs 9.27 billion) results-based loan to support Gujarat’s efforts to become a global industrial hub by developing a future-ready, skilled workforce.The funding will back the Gujarat skills development programme, led by the Department of Labour, Skill Development and Employment in collaboration with Kaushalya: The Skill University (KSU). The initiative aims to equip the workforce with advanced, industry-aligned skills to meet rising employment demand in high-growth sectors.According to ADB, the programme seeks to strengthen in..

Next Story
Infrastructure Urban

SDAL Tests Rudrastra UAV and Bhargavastra Defence System

Solar Defence and Aerospace Limited (SDAL) has successfully completed a key flight test of its indigenous Hybrid VTOL UAV Rudrastra at the Pokharan Firing Range, aligning with Indian Army performance benchmarks for mission adaptability, high endurance, precision engagement, and vertical take-off and landing (VTOL) capability.The trial marks a notable achievement in India’s Aatmanirbhar Bharat initiative, underscoring advancements in home-grown military technology. The Rudrastra UAV demonstrated a mission radius exceeding 50 km with uninterrupted video relay, a total operational range of over..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?