There is a need to adopt international standards for greater participation of MSMEs in global value chains, and creating more and better-quality jobs
FinTech BizNews Service
Mumbai, November 25, 2023: In a major boost to the Micro, Small and Medium Enterprises (MSME) sector, the Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) has approved a credit guarantee of Rs. 1 lakh crore in just 7 months of the current financial year 2023-24. In the previous Financial Year 2022-23, the same was achieved in 12 months.
Announcing this in a social media post on X (formerly known as Twitter), Union Minister for Micro, Small and Medium Enterprises, Narayan Rane, expressed his pride in CGTMSE's remarkable achievement. He said that this achievement is a testament to the government's unwavering commitment to supporting MSMEs and providing them with access to affordable credit.
CGTMSE has been playing a pivotal role in facilitating credit flow to MSMEs, especially those in the informal sector. The accelerated pace of credit guarantee approvals reflects the government's proactive measures to facilitate financial support to MSMEs, thereby bolstering their contribution to the nation's economic development.
Rane further stated that the phenomenal success of CGTMSE can be attributed to the unwavering support and visionary leadership of the Hon'ble Prime Minister, Narendra Modi Ji. His strategic guidance and dedication to empowering the MSME sector have played a pivotal role in achieving this milestone. He also congratulated the entire team of CGTMSE.
Meanwhile, emphasizing the need for a greater focus on strengthening participation of micro, small and medium enterprises (MSMEs) in global value chains, in his message to conclave Narayan Rane called for creating an enabling environment for promotion of sustainable enterprises, at an international conclave jointly organised by the International Labour Organization (ILO) in partnership with Korea International Cooperation Agency (KOICA). The Conclave ‘Promoting Sustainable Enterprises for Local Development’ brought together government officials and industry representatives from India, Bangladesh, Cambodia, Ethiopia, Germany, Indonesia, Netherland, Republic of Korea, South Africa, and Vietnamto share their policies and practices on the subject. Increasing the participation of MSMEs in global trade and global value chains was also emphasized during India’s G20.
