Q 1: PM wants India to become a 5 trillion economy – How can MSMEs contribute to the development of a nation?
A. India can become 5 trillion dollar economy by increasing operational efficiency of MSME. MSMEs will have to look inwards rather than always looking for outside support. Towards these we have developed a tool known as BABAGIS (Business Analytics Business Augmentation Growth Information System) which will give 52 ratios Free of Cost from Balance Sheet and Profit & Loss. There is no awareness but if we improve operational efficiency by 5% year on year for next 3 years, we can create 3 to 4 Crore low skill jobs, without large capex.
Q 2. There are many sick units among MSMEs. Do you think sick units can be turned around? If yes, how?
A. Yes, all sick units can be revived with earnest efforts by entrepreneurs and existing financing mechanism is not right. They need equity kind of investment and for this government can come out with tax breaks.
Q 3: What support is provided by the ministry for the development of MSMEs?
A. MSME department is giving lot of support for promotion of MSMEs but there are restrictive clauses in the schemes. Also, its reach is limited.
Q 4. What are the opportunities for entrepreneurs in the MSME sector?
A. With PLI scheme and global value chain linkage, very large opportunities exist for all age group of entrepreneurs to set up units.
Q 5. Do you think that it is the right time for entrepreneurs to get into MSME?
A. Yes, it is most opportune time for entering in MSME sector, but entrepreneurs should do their homework themselves.
