Uttar Pradesh Medium, Small and Micro Enterprises (MSME) Minister Rakesh Sachan has said that the country’s progress is not possible without developing the MSME sector and the dream of making UP a trillion dollar economy cannot be fulfilled without promoting this sector.

Sachan was addressing the inaugural session of the two-day ‘Uttar Pradesh MSME Conference’ organized by the industry body ‘The Associated Chambers of Commerce and Industry of India’ (ASSOCHAM) here on Wednesday.

He said that the country and state governments are working together to promote MSMEs. The dream of one trillion dollars is not possible to be achieved without the help of MSMEs. Without this the country cannot progress.

The minister said that MSMEs are the backbone of the country’s economy and the government is taking several steps to encourage them. The state government stands with this sector in every way and effort is to make UP emerge as an enterprise state.

While congratulating for the organization of this two-day ‘Uttar Pradesh MSME Conference’ organized by ASSOCHAM on the eve of International MSME Day, the Minister said that the government should try as much as possible to implement whatever suggestions will come from this program.

He said that after agriculture, MSME is the largest employment generating sector. Through this, a large number of youth can get employment. The contribution of MSMEs to India’s GDP is 30 per cent whereas its share in exports is also around 50 per cent.

Sachan said that the state government is making efforts to get all the more than 90 lakh MSME units of the state registered on the government portal. The government has given local products worldwide recognition through the ‘One District, One Product’ (ODOP) scheme. Prime Minister Narendra Modi himself has made it a plan for the entire country.

Referring to the government’s efforts to create a land bank in UP, he said that the government has started a ‘pledge scheme’ to provide affordable land to MSMEs. Many people can join this scheme of MSME. There is 100 percent exemption on stamp tax for purchasing land. Apart from this, the government is also helping in getting all types of NOCs.

Sachan said that the MSME policy of the state is unique in many ways. There is also a provision of 50 percent subsidy on interest to MSMEs up to Rs. 1 crore. Apart from this, MSMEs are being helped by running schemes like Pradhan Mantri Mudra Yojana, Standup, Credit Guarantee Scheme. The government is also taking steps to provide marketing support and market access. Use of e-commerce platforms, participation in international fairs, work for skill development is also being done.

Earlier, Sushma Paul Beralia, Chairperson, ASSOCHAM Business Facilitation and Global Competitiveness, delivered the welcome address. She said that the Uttar Pradesh government is continuously encouraging MSMEs by taking steps like interest subsidy and credit guarantee scheme.

She said that the dream of developed India can be fulfilled only by increasing the participation of MSMEs and increasing their employment. At present, more than 90 lakh MSMEs are providing employment to 1.65 crore people in UP. This is the highest in the country.

Referring to the major challenges facing the MSME sector, Sinha said that large scale units are not in the formalized sector. In such a situation, it becomes difficult to identify their problems. If they want to take advantage of government schemes, they will have to be brought into the formal sector. SIDBI and the government are doing a lot of work in this direction with the cooperation of bankers. We are aiming to formalize all MSMEs.