• Business Corporate / Business

Laghu Udyog Bharati is expecting manufacturing MSMEs’ share in GDP to grow around 100% by 2025

• Prashant Kapadia
• September 13, 2022

by Prashant Kapadia/NHN

Mumbai, September 2022: Laghu Udyog Bharati (LUB) focuses and works on uplifting and strengthening the MSME sector. There are multiple levels in which LUB targets policy adversity, policy intervention, guidelines, entrepreneur development programme, exports, power, industry land & property, bank & finance etc. During the pandemic, the MSME sector had a huge impact. Based on the SBI Research Report: Credit growth to the MSME sector expanded by Rs 52,800 crores in the current fiscal. According to the Reserve Bank of India’s data on sectoral credit, gross bank credit deployed to micro and small enterprises (MSEs) had jumped 27 per cent in May from 19.7 per cent in April.

Speaking Shri Ravindra Sonawane, All India Vice President, LUB, said during the conference, that we have total members close to 1 lakh registered and active members with LUB. In the coming few years, the MSME sector will have almost 90% “Make in India” initiative. We are taking major steps for becoming “Athamirbhar” from making complicated to small products across the globe which will result in Anti- China opportunities. Manufacturing MSME sector has a GDP share of 6% in India which is expected to grow to 20% in near future. After the agricultural sector, MSME sector employment is the largest employment generating sector.

Shri Ravindra Vaidya, Maharashtra State, President LUB, said, the MSME sector is growing rapidly and creating employment opportunities for many in India. The pandemic time has forced several companies to rework plans and made India a start-up and manufacturing hub nation. India is the third largest start-up nation followed by US and China in the world. MSMEs have a huge opportunity in creating, repairing, upgrading, and innovating products in an organized way.

Shri Bhushan Marde, Maharashtra State Secretary, LUB said, “Bharat desh” has ample opportunities to grow in the MSME sector. In the past 2-3 years the sentiment was low since COVID hit our nation. We are excepting the MSME sector to grow 100% in the next 3 years. We are working on industry policy which is to be announced soon by focusing on challenges, and issues faced by the conventional MSME sector. We are working on uplifting and strengthen the MSME sector by making them aware of the opportunities and facilities to grow in imports subsides, agro-food processing etc. in which we will provide guidance and enlighten them to establish their business to increase sales and help them brand their products.

On 16th September 2022, LUB have a Maharashtra Pradesh Adiveshan 2022 organized in Mumbai where Shrimati Nirmala Sitharaman will be the chief guest and interact with the MSME members on various aspects like GST, power, MSME sector, developmental factors etc. All the entrepreneurs from 36 districts and 100 talukas will come for the adiveshan across Maharashtra. The major reason behind this Adhiveshan is to focus on the policies of the central government as well as state government and pursue them by sharing valuable inputs all over India.