Mangalore, November 29: Micro, Small and Medium Enterprises (MSMEs) need to change with time and keep pace with technology to develop further, said Ajai Kumar, CMD, Corporation Bank.
He was speaking at the regional conclave 'MSMEs: Building Capacities for Sustainable Growth' jointly organized by ASSOCHAM, India, and Kanara Chamber of Commerce and Industry (KCCI), Mangalore, in the city on Thursday.
The MSME sector has always contributed to the growth of Indian economy and is likely to contribute in the increase of the country's GDP by at least 5% more in the coming days, Mr. Kumar said. He, however pointed out that MSMEs need to keep pace with technology and change with time. “There is a need in the sector to create smart entrepreneurs and reinvent market needs and elements”, he said.
Mr. Kumar also opined that more and more strategic tie-ups are made in MSMEs with associations that promote MSMEs.
Mohammed Ameen, President, KCCI, Mangalore, said that there is great scope for development of rural areas through MSMEs. However, the MSME sector is facing a number of problems including availability of land and high rates charged by KIADB, he said.
J Crasta, Co-Chairman, ASSOCHAM Southern Regional Council, expressing his views said that although 40% of the total production in the country comes from MSMEs, the government has largely neglected the sector and has been only giving lip sympathy.
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