Odisha MSME sector receives Rs 1177 crore investment proposals

  • | Wednesday | 14th November, 2018

"The state government also announced amendments in the Odisha MSME Development Policy, 2016. "The share of the MSME's manufacturing output in the total manufacturing output of the country is to the tune of 37.33 per cent according to the latest available information. "Banks have been advised to simplify and fast-track loan disbursement to SMEs. The state government has prioritized the development of the MSME sector with a slew of policy initiatives and incentives," said Samal.The minister further said the state's location gives it an advantage over others in this sector.Ram Mohan Mishra, development commissioner of the Union ministry of MSME also spoke about their development and challenges in the context of Odisha. BHUBANESWAR: The state government on Tuesday received investment proposals worth Rs 1,177 crore in the micro, small and medium enterprises (MSME) sector.State MSME secretary L N Gupta said the investment intents were received during a special session to discuss the scope of the division in the state and the policies formulated by the state government to encourage such investors.Though Gupta did not reveal details on who the interested investors, he said, "Odisha-born and Gujarat-based investor Uday Shankar Sethi would invest Rs 800 crore on sea food processing in Odisha .

BHUBANESWAR: The state government on Tuesday received investment proposals worth Rs 1,177 crore in the micro, small and medium enterprises (MSME) sector.State MSME secretary L N Gupta said the investment intents were received during a special session to discuss the scope of the division in the state and the policies formulated by the state government to encourage such investors.Though Gupta did not reveal details on who the interested investors, he said, "Odisha-born and Gujarat-based investor Uday Shankar Sethi would invest Rs 800 crore on sea food processing in Odisha ."The state government also announced amendments in the Odisha MSME Development Policy, 2016. The changes are aimed at incentivizing MSMEs of the state to obtain the zero-effect-zero-defect (ZED) certification that will help promote good quality manufacturing and improve their global competitiveness.MSME minister Prafulla Samal said small and medium enterprises (SME) have had a major presence in the Indian economy and contribute 37.54 per cent of India's gross domestic product or GDP."The share of the MSME's manufacturing output in the total manufacturing output of the country is to the tune of 37.33 per cent according to the latest available information. The state government has prioritized the development of the MSME sector with a slew of policy initiatives and incentives," said Samal.The minister further said the state's location gives it an advantage over others in this sector.Ram Mohan Mishra, development commissioner of the Union ministry of MSME also spoke about their development and challenges in the context of Odisha."Banks have been advised to simplify and fast-track loan disbursement to SMEs. Reservation for MSMEs in public procurements has been pushed up from the current level of 20 per cent to 25 per cent and three per cent of this quota has been exclusively earmarked for women," he said.Mishra said several measures have been taken by the Centre to bring greater discipline to inspection by enforcement agencies, thereby further promoting ease of doing business.

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