The
report estimates home decor, household, supplies and garden segment to be
around $26.5 billion
MSME
can generate more profits from e-commerce: Bhanu Pratap Singh Verma
E-commerce has enabled micro, small and medium
enterprises to increase profits, reduce marketing expenses and extend their
reach to new markets, Minister of State for MSME Bhanu Pratap Singh Verma said
on Monday. While speaking at the CII Indian MSME growth summit, Verma said that
MSMEs play an important role in job creation and expansion of manufacturing
base in the country, and there is a need to enhance focus on them to achieve a
$5 trillion economy.
“Small businesses need to improve
their management skills and make their technology base smart. In recent years
online markets have developed through e-commerce which has had a positive
impact on MSMEs.
“MSME can generate higher profits
through e-commerce. It will increase revenue and margin, extend reach to new
markets, help them save marketing expenses and customers will get a better
experience,” Verma said. He said that after the pandemic wave, the MSME sector
has been standing firmly
“There is development happening in
MSME space and it can be seen across the country. Main reason for this is
progressing changes in our public policies,” the minister said. He said
that there were neither masks nor sanitizers when the corona period started in
India.
He said that some MSME units became sick,
some were unable to pay their labour and due to some other reasons they were on
the verge of shutting down. The minister said that the Prime Minister Narendra
Modi had contemplated about the situation in advance and ECLGS (Emergency
Credit Line Guarantee Scheme) was launched to help them.
MSME secretary BB Swain said that the ministry
has been working to ease credit access for MSME through various schemes.
“Total loan guaranteed under ECLGS is Rs 3.47 lakh crore out of which
amount earmarked to MSME is Rs 3.1 lakh crore. The performance of the credit
guarantee scheme has achieved a milestone with guarantee coverage of Rs 56,000
crore. This is the highest ever since its inception,” Swain said. Courtesy: www.economictimes.indiatimes.com
