'MSMEs need more financial, tech impetus'

NOIDA, INDIA: More thrust is needed in terms of financial aid and technology upgradation for MSMEs (micro, small and medium enterprises), according to union minister for MSME Virbhadra Singh.

He was addressing 'IndiaMART Emerging Business Forum' organised jointly by Zee Business and IndiaMart in New Delhi on Thursday.

Appreciating the initiative, the minister said that the industries in MSME sector are gaining momentum day by day especially with the interest taken by the prime minister, by setting up the task force.

“The government is giving a lot of impetus to credit guarantee to MSMEs. However, much more is required for financial assistance to these units,” he added..

On the current economic scenario, Singh said, "We are passing through a difficult phase but India is on a recovery mode. Let us not be disheartened. Slowdown is a global phenomenon and mighty countries such as US, Europe, Japan, are also facing the same downturn. There is no need to panic and we have enough sources to fight the present situation."

Over 500 SMEs participated in the event. The forum felicitated SMEs and associations that have contributed to the growth of the sector.