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Meghalaya government keen to open food processing hub in state, says CM
Saturday, 27 October, 2018, 08 : 00 AM [IST]
Our Bureau, New Delhi
The Government of Meghalaya is keen on opening a food processing hub in the state. This was stated by Conrad K Sangma, chief minister, Meghalaya, at the inaugural session of Innovative Financial Solutions for Micro-, Small and Medium Enterprises (MSMEs), an event held by the Associated Chambers of Commerce and Industry (ASSOCHAM) in New Delhi recently.
 
He added that the state had invited MSMEs, financial institutions and leaders to come forward for the industry corridor development in the North-Eastern states.   
 
“There is immense opportunity in state of Meghalaya in the following sectors like food processing, knitting, tailoring and embroidery, carpet weaving, carpentry and furniture making, leather, blacksmith and fabrication works, etc.,” stated Sangma.

ASSOCHAM awarded nine banks and 14 MSME units in different categories like SME of the Year, Fair Business Practices, Most Promising Brands, Women Entrepreneur, Corporate Social Responsibility (CSR) Activates, Best SME Bank, Best SME Lending, Micro Lending, etc.
 
During the summit, a study jointly released by ASSOCHAM-Resurgent India said, “India’s labour force is expected to touch 160-170 million by 2020, based on various factors, which include the population growth rate, labour force participation, education enrollment at higher levels, etc.”
 
India has emerged as the fastest-growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF) and is expected to be one of top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships.

“India’s gross domestic product (GDP) is estimated to have increased 6.6 per cent in 2017-18 and is expected to grow 7.3 per cent in 2018-19,” revealed the ASSOCHAM-Resurgent joint study.
 
“MSME has played a prominent role in the development of the country in terms of creating employment opportunities. MSME has been creating 11.10 crore jobs (360.41 lakh in manufacturing, 387.18 lakh in trade and 362.82 lakh in other services and 0.07 lakh in non-captive electricity generation and transmission) in the rural and the urban areas across the country,” it added.

“The state of Uttar Pradesh had the largest number of estimated MSMEs with a share of 14.20 per cent of MSMEs in the country. West Bengal comes as close second with a share of 14 per cent again. The top 10 states together accounted for a share of 74.05 per cent of the total estimated number of MSMEs in the country,” noted the study.

MSMEs, having access to credit through these start-ups is an extremely important development, especially in the context of how the Indian economy is engaging with the e-commerce opportunity.

According to a Morgan Stanley report, India’s e-commerce market is set to hit $200 billion by 2026, growing at 30 per cent annually. In large part, this growth is attributed to the greater adoption of technology by consumers in India’s Tier-II and III cities.

Uday Kumar Varma, secretary general, ASSOCHAM said, “The MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. It contributes significantly in the economic and social development of the country by fostering entrepreneurship and generating largest employment opportunities at comparatively lower capital cost, next only to agriculture.”

“Our government has taken up a number of initiatives such as Digital India, Make in India, Skill India, Smart Cities, etc. to boost the growth of the sector further and will continue to formulate and execute even more plans to maintain a steady growth,” he added.

Sanjay Salian, co-chairman, MSME Development Council, ASSOCHAM said, “The Chamber firmly believes that if MSMEs are provided with ample finance facilities their performance in terms of productivity will further grow and they will be able to perform as per their capability. Today MSMEs have more financing options from institutions like banks, non-banking financial corporations (NBFCs), FinTech, stock exchanges, private equity, factoring agencies, venture capitalists and many more.”
 
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