The idea of “Start-up” in business has gained momentum among young entrepreneurs, especially in India during last three years. Many youngsters whether IITians, MBA graduates or even young girls had given great ideas which were transformed into profitable business ventures. The starting point of any business venture is an “idea” and “investment”. Without adequate financial resources, no idea can be implemented and sustained. This is the reason for startup bubble bursting quickly in India. By not focusing on rural-based micro and medium enterprises making it difficult to create large-scale employment opportunities. Besides, overemphasis on service sector can’t spur growth without the manufacturing sector development.
The Union Ministry of Micro, Small and Medium Enterprises (MSME) should provide an answer for this imbalance. The schemes/ programmes undertaken by the Ministry and its organizations seek to provide/ facilities which include: adequate flow of credit from financial institutions including banks, support for technology upgradation and modernization, integrated infrastructure facilities, entrepreneurship development etc.
Although there are many schemes rolled out by the Ministry, there is need to give adequate publicity to help young entrepreneurs to take advantage. The recent GES summit in Hyderabad specifically emphasized the opportunities in rural and agro-industry, especially for women.
In an exclusive interview to sixtyplus.co, the Union Secretary of Ministry of Micro Small and Medium Industries, Dr Arun Kumar Panda gave details of policies and programmes and future action plan of the Ministry.