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MSMEs numerous strategies to boost employment vacancies

Strategies to boost employment

MSMEs’ strategies to boost employment vacancies

Strategies to boost employment – New Delhi: According to data from the Ministry of Statistics and Programme Implementation, MSME Gross Value Added (GVA) in All India GDP for the year 2019-20 was 30.0 percent at current prices. 
 
The COVID-19 epidemic has temporarily impacted numerous sectors in the country, including Micro, Small, and Medium Enterprises, as well as their employment. Because MSMEs exist in both the formal and informal sectors, the Government of India’s Ministry of Micro, Small and Medium Enterprises does not keep track of temporary or permanent employment losses in the MSME sector (MSME). 
 
Various programmes are implemented by the Ministry of Micro, Small and Medium Enterprises (MSMEs) to enhance job prospects in the MSME sector in the country. PM Employment Generation Programme (PMEGP), Micro and Small Enterprises-Cluster Development Programme (MSE-CDP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and A Scheme for Promoting Innovation, Rural Industry, and Entrepreneurship are among them (ASPIRE).

MSME Strategies to boost employment

Under the Aatma Nirbhar Bharat Abhiyan, the government has taken a number of steps to promote the MSME sector in the country, particularly in the wake of the Covid-19 pandemic. Here are a few examples: 
 
• Subordinate Debt of Rs 20,000 crore for MSMEs. 
• -Collateral-free automatic loans for businesses, especially MSMEs, worth Rs 3 lakh crores (existing overall guarantee limit under -ECGLS has been enhanced from Rs. 4.5 lakh crore to Rs. 5 lakh crore). 
• -An equity infusion of Rs. 50,000 crore through the MSME Fund of Funds. 
• -A new set of revised criteria for classifying MSMEs. 
• -Ease of Doing Business: New MSMEs Registration through ‘Udyam Registration’ 
• -There would be no global tenders for purchases up to Rs. 200 crores, which will benefit MSME. 

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