MSME Minister Virbhadra Singh today said his ministry is in consultation with the Prime Minister office and other departments to make specific schemes for medium enterprises. The Micro, Small and Medium Enterprises (MSME) Minister said enough schemes are there for micro and small industries, but there is no particular scheme for medium ones.
“I am talking to the appropriate ministries, Prime Minister office … for the assistance to look after medium industry, there have to be specific schemes for this industry, so that we have wide range of schemes for the entire sector,” Singh said here at a PHD chamber function.
Micro enterprises are those where investment in plant and machinery does not exceed Rs 25 lakh whereas in small the investment limit is between Rs 25 lakh and Rs 5 crore.
In medium-sized units, the investment cost is more than Rs 5 crore but less than Rs 10 crore.
Singh said he would ensure that proper schemes for medium enterprises are allocated in the next Budget.
He also said that the government is running several schemes for MSMEs to improve their designs, technology and market access.
The government would also create a Rs 2,500-crore corpus for technology modernisation of the sector by the next year.
The MSMEs account for 45 per cent of the country’s manufacturing output and 40 per cent of exports. The sector employs 50 million people in 26 million units producing over 6,000 products.