MSMEs should work on quality, durability: PM
- Recently, the Prime Minister highlighted the significance of MSMEs focusing on quality and durability to establish a robust presence in the global supply chain.
- Speaking at the 'Creating the Future – Digital Mobility for Automotive MSME Entrepreneurs' event, he recognized the MSME sector's crucial role in the automotive industry.
Key Highlights
- He acknowledged that many vehicles globally incorporate components manufactured by Indian MSMEs, reflecting their significance in the automobile industry.
- He stressed the importance of producing components without defects and ensuring environmental sustainability as guiding principles for MSMEs.
Government Initiatives for MSMEs
- Various schemes were introduced by the government during the COVID-19 pandemic to support MSMEs and preserve jobs.
- such as PM-Mudra, PM-Vishwakarma, and MSME credit guarantee scheme
- He assured MSMEs of access to low-cost loans, working capital facilities, and opportunities for expansion.
- He also highlighted the government's efforts in skill development by establishing a separate Ministry for Skill Development to cater to the needs of MSMEs.
- The PLI scheme was also highlighted to promote advanced automotive technologies and attract global investments for which the MSMEs need to expand their capacities.
- He also launched the TVS Open Mobility Platform and the TVS Mobility-CII Centre for Excellence to highlight MSMEs in the automotive industry.
- This would help them formalise operations, integrate with global value chains and become self-reliant.
Encouragement for Electric Vehicles (EVs)
- The PM urged entrepreneurs to enhance their capacities to meet the growing demand for electric vehicles.
- He also mentioned initiatives like the Rooftop Solar scheme that facilitates the conversion of houses into charging stations for electric vehicles.
Prelims Takeaway
- MSMEs
- Government Initiatives for MSMEs
- Electric Vehicles (EVs)