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BUSINESS EYE DECEMBER 13, 2024 | The Indian Eye 34

How the Govt plans to help MSMEs for supporting

large industries and give a boost to economy

Minister says that MSMEs can be provided land at concessional rates to develop their businesses in the townships

OUR BUREAU
New Delhi
he Government is willing to earmark areas to
Micro, Small and Medium Enterprises (MS-
TMEs) in the 20 townships being built across
the nation, as the MSMEs are integral to industrial
growth, stated Union Minister of Commerce and
Industry, Piyush Goyal in New Delhi on Thursday.
Addressing Assocham’s Bharat @100 Summit,
the Union Minister said MSMEs are integral to
large businesses and industrial growth.
Stating that MSMEs are pivotal to supporting
large industries in their ecosystem, the Minister
noted that he would speak to States to look at pro-
viding areas to MSMEs for developing their busi-
nesses in townships and industrial parks.
He also added that MSMEs can be provided
land at concessional rates to develop their busi-
nesses in the townships.
Speaking on the theme of the Summit, “Fuel-
ling Bharat’s Global Rise”, the Minister reminded
the participants of the Prime Minister Narendra
Modi’s clarion call of ‘Panch Pran’ - Developed In-
dia, Removing Colonial Mindset, Taking Pride in
Our Heritage, Unity and Integrity, and Collective Union Minister of Commerce and Industry Piyush Goyal addresses the Assocham Summit in New Delhi (ANI Photo/Amit Sharma)
Duty Towards the Nation.
Alluding to the passing of the Boilers Bill, ruption and delays in processes. the initiative needs to be driven in a Public-Pri-
2024 in Rajya Sabha yesterday by repealing the co- The Government is willing to support skill de- vate-Academia partnership. He urged academic
lonial-era Act, Goyal noted that under the current velopment, Goyal highlighted, adding that already institutions to take up entrepreneurship as a part
Government swift action is being taken to promote an outlay of Rs 2 lakh crore has been announced, of the course curriculum.
Ease of Doing Business by simplifying processes,
reducing compliance burden and decriminalizing
laws helping the MSMEs of the country. Health of the Indian economy is robust: CEA Nageswaran
On the rising consumption patterns of the
country, the Minister highlighted that India must Anantha Nageswaran, the Chief Economic “The orientation of fiscal expenditure in the
become a developed nation on the back of sus-
Advisor (CEA) of India on Thursday ex-
tainability. We can’t encourage waste, he said. Re- V pressed confidence in the growth of the In- last seven years or so has improved towards more
of Capital expenditure and less of revenue expen-
iterating his stand, Goyal said that emerging and dian economy. Speaking at the Assocham’s Bharat diture as a proportion,” he said explaining the con-
developing countries have to bear the brunt of the @100 Summit, the CEA said that if you look at tinued performance of the Indian economy.
environmental degradation due to the developed the checklist the Indian economy is in good health. On concerns of slowing down of the econo-
countries who have been outsourcing their pro-
“If you run through the checklist for Indian
duction to other nations. Rather than blaming the economy, the health is pretty robust. Whether it is my, the CEA said erratic monsoon and excessive
rainfall did hamper some economic activity in the
manufacturer for the carbon emission, it is directly external debt as the share of GDP, whether it is the second quarter.
related to consumption. non-performing assets in the banking system and For context, India’s GDP growth has disap-
Countries with the ‘developed’ tag attained
that status on the back of low-cost energy supplied then coming to the bottom left, the overall infla- pointed expectations, with the economy growing
by just 5.4 per cent in the July-September quar-
tion rate If you look at the first seven months of the
by coal-based powerplants for over 100 years as
they industrialized their economies, he added. year in the last several years overall headline In- ter of FY2024-25, significantly below the Reserve
Bank of India’s (RBI) forecast of 7 per cent.
flation is well-behaved,” CEA Nageswaran stated.
Goyal emphasized that India, whereas, has re-
This slower-than-expected growth has raised
He further added that there are some specific
vered nature over the decades and has realized a circu- food items that are contributing to the sharp rise in concerns among economists, who are now adjust-
lar economy far before than the developed countries. inflation but it is confined to a very small percent- ing their projections for the rest of the year.
He further stressed that caste census and de-
Going further, CEA Nageswaran stated, “I
manding reservation on the basis of religion has age of the overall consumer price index basket of think in reacting to this number, we should not
goods and services.
outlived its shelf life. Motivation to make India a Talking about the fiscal balance and capital throw the baby out with the bot water, because the
great nation should encourage every service pro- expenditure Nageswaran said it has improved over underlying growth story, still remains very much
vider to do jobs more efficiently, he pointed out, the last seven years. intact.”
noting that citizens have to speak up against cor-
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