Since the advent of Startup India initiative by Prime Minister Narendra Modi in 2015, the government has started focusing more on the e-commerce industry in order to accelerate the emerging micro, small, and medium sized businesses pan India.
Minister for Road Transport & Highways of India and Shipping Ministry of Micro, Small and Medium Enterprises Nitin Gadkari has said, with regards to ;Bharatcraft’ that it has the potential to achieve revenue of around ₹10 lakh crore in two to three years.
Gadkari also said that the Bharatcraft portal will provide a platform for micro, small and medium enterprises to market and sell their products and in turn boost the sector.
“We want to give a boost to the MSME sector which is currently contributing nearly 29% to the manufacturing segment and 40% to the exports,” the Union Minister added.
The minister further added and said that the government has set a target to increase the contribution of MSMEs in the manufacturing sector to 50% in the next five years.
He also said that payments have always been an issue for the MSMEs as the government and public sectors delay their payments.
“A committee has been set up to study this aspect and we expect the report in the next few days. The government is planning to enable legislation framework, which would help the MSME sector get their payments faster, within 45 days of the bill being due. Any further delay in payments would lead to legal implications,” Gadkari said.
The minister further stated that the government will encourage MSMEs to contribute more towards exports, how they could contribute to overall economic growth and also enhance employment potential.
Stressing more on the fact that there is a need for the MSMEs to come in the mainstream and take advantage of the National Stock Exchange platform for raising funds, he said, “At a time when we have nearly 6 crore MSMEs in the country, we have only 200 listings on such a platform. There are MSMEs who have larger exposure to exports. I want such companies to come forward and use this instrument. This will boost the sector.”
On the other hand, Vikram Limaye, managing director and CEO, NSE said, “NSE has always been at the forefront of strengthening and supporting small and medium enterprises. We believe the SMEs are crucial not only for economic growth but also for employment and inclusive growth.”