In an effort to promote ease-of-doing business and to attract new investment, the Punjab government is planning to implement SME facilitation centres in every district throughout the Indian state.
Punjab would be the first state in the country to take such a huge step, said additional chief secretary (industries and commerce) Vini Mahajan at the CII 7th Regional SME Summit. She also stated that these centres would help policymakers gather the appropriate feedback from industries and address any grievances the SME sector might have.
She also praised the contribution of SMEs to Punjab’s economy and employment, adding that the government is ready to offer it’s full support and proactive grievance redressal to sustain the sector. “The state government is taking every possible step required for improving industrial infrastructure and ensuring quality skill training and technical education,” said Mahajan.
The contribution of SMEs to India’s economy as a whole cannot be understated. India has an estimated 42.5 million registered and unregistered SMEs; accounting for about 95 per cent of total industrial units. Around 40 per cent of the workforce are employed by SMEs. Manufacturing and service based SMEs combine to form 30.74 per cent contribution to India’s GDP. It goes without saying that SMEs play a key role in India’s economy.
Assistant director of MSME, R.K. Parmar, emphasised a growing need to give greater access to easy finance for growing entrepreneurs and SMEs. He also mentioned that the new SME facilitation centres will come equipped with a plethora of schemes that are suited to helping said SMEs secure sufficient funding in times of need.
Chairman of regional committee on SMEs, CII Sanjay Khurana, also emphasised a need for based support to SMEs during times of delinquency, failure and other challenges.