Oct 26: The Meghalaya government is keen on opening food processing hub in the state, said Mr Conrad K Sangma, Chief Minister of Meghalaya at ASSOCHAM event held in New Delhi.
During the inaugural session, Mr. Conrad K Sangma, Chief Minister of Meghalaya said, the state has invited Micro, Small, Medium enterprises and the financial institutions, leaders to come forward for the industry corridor development in the North Eastern states, said at an ASSOCHAM Innovative Financial Solutions for MSMEs.
There is immense opportunity in state of Meghalaya in the following sectors like food processing, knitting, tailoring and embroidery, carpet weaving, carpentry and furniture making, leather, blacksmith and fabrication works etc, said Mr. Conrad.
The ASSOCHAM awarded 9 Banks & 14 MSMEs Units in different categories like SME of the Year, Fair Business Practices, Most promising Brands, Women Entrepreneur, CSR Activates, Best SME Bank, Best SME Lending, Micro Lending etc.
During the summit ASSOCHAM-Resurgent India jointly release study says, India’s labour force is expected to touch 160-170 million by 2020, based on various factors which includes population growth rate, labour force participation, education enrolment at higher levels etc.
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF) and is expected to be one of top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India’s GDP is estimated to have increased 6.6% in 2017-18 and expected to grow 7.3% in 2018-19, reveals the ASSOCHAM-Resurgent joint study.
MSME has played a prominent role in the development of the country in terms of creating employment opportunities. MSME has been creating 11.10 crore jobs (360.41 lakh in manufacturing, 387.18 lakh in trade and 362.82 lakh in other services and 0.07 lakh in Non-captive Electricity Generation and Transmission) in the rural and the urban areas across the country, says joint report conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with Resurgent India.
The state of Uttar Pradesh had the largest number of estimated MSMEs with a share of 14.20% of MSMEs in the country. West Bengal comes as close second with a share of 14% again. The top 10 States together accounted for a share of 74.05% of the total estimated number of MSMEs in the country, noted the study.
MSMEs having access to credit through these start-ups is an extremely important development, especially in the context of how the Indian economy is engaging with the e-commerce opportunity. According to a Morgan Stanley report, India’s e-commerce market is set to hit $200 billion by 2026, growing at 30% annually. In large part, this growth is attributed to the greater adoption of technology by consumers in India’s tier 2 and tier 3 cities.
Mr. Uday Kumar Varma, Secretary General, ASSOCHAM said, the Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. It contributes significantly in the economic and social development of the country by fostering entrepreneurship and generating largest employment opportunities at comparatively lower capital cost, next only to agriculture.
Our Government has taken up a number of initiatives such as Digital India, Make in India, Skill India, and Smart Cities etc. to boost the growth of the sector further and will continue to formulate and execute even more plans to maintain a steady growth, said Mr. Varma.
Mr Sanjay Salian, Co-Chairman, MSME Development Council ASSOCHAM said, The Chamber firmly believes that if MSMEs are provided with ample finance facilities their performance in terms of productivity will further grow and they will be able to perform as per their capability. Today MSMEs have more financing options from institutions like Banks, NBFCs, FinTech, Stock Exchanges, Private Equity, Factoring Agencies, Venture Capitalists and many more.