Strong network of MSMEs being developed; only India can buttress global supply chain: President

A strong network of micro, small and medium enterprises is being developed in the country based on the world's belief that only India can strengthen the global supply chain, President Droupadi Murmu said on Wednesday.

In her first address to a joint sitting of the two Houses in the new Parliament building, she observed that the MSME sector is "benefiting enormously from reforms".

"Today, the world believes that only India can strengthen the global supply chain. That is why India is also today taking major steps in this direction. A strong network of MSMEs is being developed in the country," Murmu stressed.

The President emphasised that the government is working with "full commitment" to empower micro, small and medium enterprises (MSMEs) and small entrepreneurs.

"Presently, approximately 3.5 crore MSMEs are registered on the Udyam and Udyam Assist Portal. Under the Credit Guarantee Scheme for MSMEs, guarantees of nearly Rs 5 lakh crore have been sanctioned in the last few years. This is over six times higher than the amount provided in the preceding decade before 2014," Murmu said.

The Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE) aims at motivating first-generation entrepreneurs towards self-employment by providing credit guarantee funding for third-party guarantee-free/collateral-free loans.

Some of the key benefits of the CGTMSE scheme include a guarantee on credits for loans up to Rs 2 crore, without third-party guarantee and collateral. The guarantee on coverages ranges from 75% (others) to 85% (micro-enterprises up to Rs 5 lakh). The scheme is applicable to current and aspirant entrepreneurs.

The President also highlighted that more than 84 lakh people have connected so far with the PM Vishwakarma Yojana launched by the Prime Minister on September 17.

"It is difficult to imagine daily life without Vishwakarma families. These families pass on their skills from generation to generation. However, due to a lack of government support, our Vishwakarma companions were facing a difficult time. My government has also taken care of such Vishwakarma families. So far, more than 84 lakh people have connected with the PM Vishwakarma Yojana," Murmu said.