In today’s time, the world is moving rapidly
towards a technological future where artificial intelligence becomes the
central focal point of global narrative.The goal of Viksit Bharat, as
envisioned by our honourable Prime Minister Narendra Modi, takes into account
to inspire our youth, particularly those from traditionally underrepresented
groups such as SC/ST communities, women, differently-abled individuals,
ex-servicemen, and economically disadvantaged citizens, to consider
entrepreneurship as a viable career path.
The Entrepreneurship & Skill Development programme's vision extends beyond
mere business creation. This reflects a strategic approach to addressing
unemployment while simultaneously driving economic growth and fostering
innovation at the grassroots level. Along with that, there is a wave of joy in
the MSME sector with the announcement of the Credit Guarantee Scheme, which
offers up to ?100
crore in collateral-free loans for machinery, directly addressing the critical
challenge of access to affordable credit and empowering businesses to invest in
advanced technology and enhance their productivity. This democratization of
credit is poised to benefit a vast number of small and emerging businesses. It
is these businesses that will channel innovation at the root level and will
provide a rapid trickle-down effect of wealth creation.
This year's union budget introduces a crucial mechanism for providing credit
support during periods of stress, backed by a government-guaranteed fund, which
helps prevent businesses from becoming non-performing assets and maintains
overall economic stability. The doubling of Mudra Loans to Rs. 20 lakh for
entrepreneurs under the 'Tarun' category represents a substantial boost,
enabling the scaling of businesses and fostering job creation. The enhancement
of the Trade Receivables Discounting System (TReDS), with a reduced turnover
threshold and expanded eligibility, improves liquidity and financial management
for MSMEs. The planned expansion of SIDBI branches to all major MSME clusters
within three years promises more accessible financial services, driving
localized economic growth. Furthermore, the establishment of 50 multi-product
food irradiation units and 100 NABL-accredited food quality and safety testing
labs will significantly boost the food processing sector, enhancing product
quality and opening new market opportunities.
The creation of E-Commerce Export Hubs in PPP mode is another forward-thinking
initiative, enabling MSMEs and traditional artisans to access global markets
more easily and driving digital transformation and international growth. From
the “First Timers” scheme, which provides a one-month salary, capped at ?15,000, as a
direct benefit transfer to newcomers in formal employment sectors, positively
impacting approximately 210 lakh young workers, to incentives for hiring new
employees in the manufacturing sector, covering EPFO contributions for both
employers and employees during the first four years, benefiting 30 lakh
individuals. The govt. is institutionalising safeguards and encouraging the
youth to drive the engine of India’s progress with their immense potential.
Along with that, employer’s welfare into account too is being taken care of,
with the scheme reimbursing employers up to ?3,000 monthly for two years for each additional
employee earning up to ?1
lakh per month, targeting the employment of 50 lakh new workers. The govt. is
taking a concerted step by partnering with industries to set up hostels and crèches for working
women, alongside specialized skill development programmes and providing market
access for women-led Self-Help Group (SHG) enterprises. Inclusivity is
themotto.
In the pursuit of inclusive economic growth, collaboration between industry and
academia has emerged as a crucial factor, particularly in the development of
MSMEs. Recognizing this importance, the Ministry of Micro, Small, and Medium
Enterprises has implemented the MSME Innovative Scheme under the MSME Champions
Scheme, aiming to forge stronger links between educational institutions and the
MSME sector.
On the other hand, academic institutions are hubs of knowledge and innovation
but sometimes lack real-world application contexts. The MSME Innovative Scheme
bridges this gap, creating a symbiotic relationship that benefits both sectors
and, by extension, the broader economy. The scheme's approach is multifaceted.
The involvement of 697 academic institutions as Host Institutes under the
incubation component is a testament to the scheme's widespread adoption and
potential impact. One of the key focuses of this collaboration is to enhance
the industrial skills of students and MSME personnel. This skill development is
crucial for creating a workforce that is not only academically qualified but
also industry-ready. For students, it provides invaluable exposure to
real-world business challenges and opportunities. For MSMEs, it offers access
to fresh perspectives and the latest academic research, potentially leading to
innovative solutions for their operational challenges. As of today, we have
seen a remarkable growth of 17 crore jobs in the last 10 years. To put things
into perspective, employment in the country increased to 64.33 crore in the
year 2023-24 compared to 47.15 crore in 2014-15 as per the data published by
the Reserve Bank of India (RBI). Under the visionary leadership of Prime
Minister Narendra Modi, we take giant leaps ahead towards a Bharat where Vikas
reaches every household and touches the life of every soul, amalgamating the
collective energy towards the ideal of being a Vishwaguru. There can be no
doubt that we are headed to an era of great renaissance that would usher us
into the golden age of Viksit Bharat.