MSME policy ready for release after extensive consultations

10 Feb 2023 CW Team

After extensive stakeholder consultation, the national policy on micro, small, and medium-sized companies (MSMEs) is now ready for release, according to a senior government official.

"After extensive stakeholder consultations, an MSME policy has been developed. At the National MSME Conclave 2023 on Wednesday, MSME ministry secretary B.B. Swain said, "We are hopeful that we will be able to get it into the public realm fast.

According to Bhanu Pratap Singh Verma, minister of state for MSMEs, the industry is expected to experience rapid growth as a result of the numerous government initiatives introduced over the years. Verma continued by saying that the Emergency Credit Line Guarantee Scheme (ECLGS) programme has assisted MSMEs in surviving economic crises. "We must produce locally, and our industry must also use locally produced goods. Global expansion for our MSMEs will result in a new India. In 2014, our economy was ranked 10th in the world. However, as of 2022, our economy has moved up to the fifth spot, according to Verma.

Regarding public procurement, Swain stated that the ministry had examined the reserve list of goods offered under the programme and a new draught list had been created that targeted MSMEs and a larger range of relevant goods. According to him, 36% of the target for MSMEs' procurement last year, which was 25%, was met.

The finance minister has included a record 221,380 million for the MSMEs ministry in the Union budget for FY24, which is more than the updated estimate of 156,280 million for the current fiscal year.

Additionally, the budget announced several initiatives to support MSME growth, including the renewal of the ECLG through March 31 and the 60,000 million-dollar Raising and Accelerating MSME Performance (RAMP) programme.

Data from the Reserve Bank of India show that as of 30 December, bank loans to MSMEs fell under the priority sector category and totalled 19.12 trillion, an increase of 11.6% from the previous year.

Due to its position as one of the main sources of employment, the small company sector, with its estimated 110 million employees, has also become more significant. These organisations account for 30% of India's GDP and 45% of exports, according to a report released in November by the consulting firm KPMG and the industry association CII.

After extensive stakeholder consultation, the national policy on micro, small, and medium-sized companies (MSMEs) is now ready for release, according to a senior government official. After extensive stakeholder consultations, an MSME policy has been developed. At the National MSME Conclave 2023 on Wednesday, MSME ministry secretary B.B. Swain said, We are hopeful that we will be able to get it into the public realm fast. According to Bhanu Pratap Singh Verma, minister of state for MSMEs, the industry is expected to experience rapid growth as a result of the numerous government initiatives introduced over the years. Verma continued by saying that the Emergency Credit Line Guarantee Scheme (ECLGS) programme has assisted MSMEs in surviving economic crises. We must produce locally, and our industry must also use locally produced goods. Global expansion for our MSMEs will result in a new India. In 2014, our economy was ranked 10th in the world. However, as of 2022, our economy has moved up to the fifth spot, according to Verma. Regarding public procurement, Swain stated that the ministry had examined the reserve list of goods offered under the programme and a new draught list had been created that targeted MSMEs and a larger range of relevant goods. According to him, 36% of the target for MSMEs' procurement last year, which was 25%, was met. The finance minister has included a record 221,380 million for the MSMEs ministry in the Union budget for FY24, which is more than the updated estimate of 156,280 million for the current fiscal year. Additionally, the budget announced several initiatives to support MSME growth, including the renewal of the ECLG through March 31 and the 60,000 million-dollar Raising and Accelerating MSME Performance (RAMP) programme. Data from the Reserve Bank of India show that as of 30 December, bank loans to MSMEs fell under the priority sector category and totalled 19.12 trillion, an increase of 11.6% from the previous year. Due to its position as one of the main sources of employment, the small company sector, with its estimated 110 million employees, has also become more significant. These organisations account for 30% of India's GDP and 45% of exports, according to a report released in November by the consulting firm KPMG and the industry association CII.

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..