New MSME policy to be in place in October

The Centre will unveil a new national policy for micro, small and medium enterprises (MSME) in October, Union Minister Kalraj Mishra said today.
"We wanted to prepare a detailed policy for the sector which contributes nearly 7.8 per cent to GDP, 50 per cent to the manufacturing sector and 42 per cent to exports. It will be an integrated policy," Mishra said at an SME forum here.
The "all-inclusive" and "integrated" MSME policy will be released in October, the minister said.
He said a committee headed by former Cabinet Secretary Prabhat Kumar had received around 4,000 suggestions with regard to the policy, which will be made more inclusive.

The MSME minister said the government is committed to providing all necessary support to entrepreneurs to enable them compete with rest of the world. A committee will be set up soon to look after the revival and rehabilitation of sick MSME units.
"The Reserve Bank has revised the rules pertaining to revival of advances and asked lenders to form district-level committees to resolve stressed loans to MSMEs," he added.