Micro, Small and Medium Enterprises (MSMEs) are preserving the democratic ethos of the nation by providing gainful employment to the masses, said Associated Chambers of Commerce and Industry Director Asad Wasi.
The Assocham and its local partner the Vijayawada of Chamber of Commerce and Industry on Friday conducted the Regional Convention of MSMEs on the theme “Strengthening MSMEs to meet global challenges” in association with State Government departments, banks and all financial organisations working with the MSMEs.
Mr. Wasi said that there were several Government schemes for MSMEs, but unfortunately their utilisation was poor because awareness amongst the entrepreneurs was very poor. The MSMEs have a big role in the nation’s economy. They contribute immensely to industrial development, employment generation, exports and to a great extent to innovation also.
The presence of a large number of MSMEs created competitive market pressure and increase scope for improving quality goods and services.
The contribution of MSMEs towards poverty reduction and wider spread of wealth was well recognised, Mr. Wasi said.
In many ways, MSMEs contribute to keeping social pressure under check and ensure survival of the democratic ethos in society.
Assocham had conducted over 30 regional conventions all over the country to bring the micro, small and medium entrepreneurs face-to-face with representatives of the State Government and institutions like APIIC, NSIC, Andhra Bank, State Bank of Hyderabad, SIDBI and the MSME Development Institute. Vijayawada Chamber of Commerce president V. Ramachandra Rao, ICRA (credit rating agency) representative R. Suresh Kumar, SBH GM J. S. Sarma, MSME Development Institute Assistant Director B. Sarat Kumar and others spoke.