New Delhi: Union Minister for MSME Jitan Ram Manjhi launched two exciting initiatives on International MSME Day in the national capital to boost micro and small businesses along with supporting women entrepreneurs.
The first initiative, called MSME Trade Enablement and Marketing (TEAM), aims to assist small businesses in engaging in online trade through the Open Network for Digital Commerce (ONDC) platform.
The second initiative, ‘Yashaswini’, is a mass awareness campaign focusing on informal women-led businesses. This campaign looks to provide increased access to capital and trade opportunities with larger corporations to formalize these businesses.
Additionally, the government is working on an export promotion fund for MSMEs to further support their growth and success.
Minister Manjhi emphasized the government’s focus on enabling access to credit, expanding market access through e-commerce, promoting digitization, and empowering women and artisans in the MSME sector.
Initiative to Support 5 Lakh Micro and Small Businesses
The MSME TEAM initiative aims to benefit five lakh micro and small businesses, with a special focus on supporting women-led businesses.
Union Minister of State for Law and Justice Arjun Ram Meghwal highlighted the government’s efforts towards making MSMEs globally competitive. He mentioned reforms focused on enhancing ease of doing business and quality of life through legal and technological advancements.
Furthermore, India is planning to establish a global trade promotion body for MSME exports, a significant move that will be announced in the upcoming budget.
During the event, Auguste Tano Kouame, the Country Director of the World Bank, commended the financial aid provided to Indian MSMEs by private entities, contributing to economic recovery in the country.
Avnit Arora, Director of the Department of Legal Affairs at the Ministry of Law and Justice, highlighted the government’s efforts in creating alternative dispute resolution mechanisms for MSMEs. He emphasized the importance of cost-effective and time-bound arbitration and mediation processes for the sector’s benefit.
