According to a top official of Laghu Udyog Bharati (LUB), working for the upliftment and strengthening of the MSME sector in the country, the share of manufacturing MSMEs in India’s GDP is expected to increase to 100% by 2025.
“In the last 2-3 years, the sentiment was low since the outbreak of COVID. We are leaving the MSME sector to grow 100% in the next 3 years,” said Bhushan Marde, Maharashtra State Secretary, LUB.
“We are working on an industry policy which is to be announced soon. We are focusing on the challenges and issues faced by the traditional MSME sector. We are making them aware of opportunities and helping them in branding their products.”
Ravindra Vaidya, Maharashtra State, President LUB, said, the MSME sector was growing rapidly and creating employment opportunities in India.
“During the pandemic many companies were forced to rework their plans. While many died, others are bouncing back. Our aim is to help them rise to the next level. We are guiding the MSMEs to move to higher class,” said Mr. Vaidya.
Ravindra Sonawane, All India Vice President of LUB said that there are total 1 lakh registered and active members with LUB in India.
“The manufacturing MSME sector has a GDP share of 6% in India which is expected to grow to 20% in the near future,” he said.
Based on the SBI Research report, the credit growth of the MSME sector expanded by ₹52,800 crore in the current fiscal. According to Reserve Bank of India data on sectoral credit, gross bank credit deployed to micro and small enterprises (MSEs) jumped 27% in May from 19.7% in April.
But more needs to be done in terms of diversification, exports and branding to help them realize their true potential. The Maharashtra branch of LUB is organizing a summit in Mumbai on 16 September, which will be addressed by Finance Minister Nirmala Sitharaman who will also interact with MSME members on various aspects.