G20 declaration a major boost to MSMEs
It’s expected to simplify regulatory process and enhancing their access to affordable capital: Experts
Engines of Growth
♦ New Delhi declaration termed startups and MSMEs key to socio-economic transformation
♦ They’ll drive innovation and create employment
♦ It’ll boost industry-academia collaborations
♦ Uniform criteria for all banks
The declaration of G20 nations under India’s Presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts.
The commitments made in the G20’s New Delhi declaration with regard to the MSMEs ought to be followed by the member nations as the sector has the potential to generate employment and promote sustained growth. The New Delhi Declaration adopted early this month said the G20 recognise that startups and Micro, Small and Medium Enterprises (MSMEs) are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment.
“We welcome the establishment of the Start-up 20 Engagement Group during India’s G20 Presidency and its continuation,” it said.
PuneetKaura, chairman of CII Delhi State Council and MD and CEO of Samtel Avionics Ltd, said: “The MSME is considered important the world over and the G20 declaration has once again underlined the need for extending financial and non-financial support by the governments to this sector. It was heartening for the MSME to have received the due recognition by the G20 under India’s Presidency. These promises, however, should not remain on paper, but must result in action on the ground as the sector has immense potential to generate quality employment across the country and contribute to the country’s exports, which have been suffering on account of global problems.”
Bhagyashree Bhansali, CEO of The Disposal Company (TDC), said that to further promote startups/MSMEs, the government should simplify regulatory processes, enhance access to affordable capital, foster industry-academia collaborations for innovation, and provide targeted skill development programmes. Creating robust incubation and mentorship ecosystems will also nurture entrepreneurship and innovation in India.
“Startup/MSMEs are at the forefront of promoting digital technology and sustainable growth. They drive innovation in AI adoption, enhancing efficiency and reducing environmental footprints. By creating tech-driven solutions, they enable businesses to operate sustainably, fostering a future where technology and environmental stewardship go hand in hand, advancing India’s socio-economic transformation,” she said.
