SMEs vital for development
Says Geeta Reddy at SME Awards presentation; lauds Hans India initiative on its 2nd Anniversary Tax...
Says Geeta Reddy at SME Awards presentation; lauds Hans India initiative on its 2nd Anniversary
- Tax incentives and enhanced re-financing facility to promote SMEs in a big way
- State Government has increased the volume of credit for industries without collateral security from Rs 50 lakh to Rs one cr
- Total number of SMEs about 1.88 cr involving an investment of Rs 33,000 cr and employing over 2.36 cr people in State
Hyderabad: The flourishing Small and Medium Enterprises (SMEs) were endowed with every strength to bring about a socio- economic revolution in the country that was immensely benefited by the pioneering role played by them adding substantially to its economic growth and employability of the human resources, observed J Geetha Reddy, Minister for Major Industries, on Monday. The contribution of the SME sector was considerably high when compared to other sectors, she averred.
Participating in 'The Hans India SMEs Award Presentation' function organized as part of the second anniversary celebrations of The Hans India here, she said inclusive growth would be possible only through SMEs. Socio- economic growth would happen once the SMEs sector registered higher growth in the country. The SMEs were the bedrock of industrial sector, the Minister emphasized.
At present, the SMEs' contribution was put at nine per cent of the GDP and 40 per cent of the total exports. The Union Government has aimed at a higher growth rate ranging from 9 to 12 per cent in the 12th five year plan. Towards achieving the target, the Centre has also announced tax incentives and enhanced re-financing facility. Stating that, to promote industrial sector, the State Government has enhanced the volume of credit for industries without collateral security from Rs 50 lakh to Rs one crore, the Minister said adding that promotion of entrepreneurship among SC and ST communities was facilitated with a 40 per cent rise in the subsidy component on the loans.
The total number of SMEs was in the order of 1.88 crore involving an investment of Rs 33,000 crore. They were generating over 2.36 crore jobs in the State, she said and complemented the SME sector for providing employment to lakhs of bread winners for their families. Geeta Reddy also congratulated The Hans India for successfully completing two years in the market. She praised the editorial team for adopting unbiased and balanced reporting in a highly competitive environment.