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

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Mumbai: Laghu Udyog Bharati (LUB) focuses and works on uplifting and strengthening the Micro, Small and Medium Enterprises (MSME) sector. There are multiple levels in which LUB targets policy adversity, policy intervention, guidelines, entrepreneur development programme, exports, power, industry land and property, bank & finance etc. During the Covid-19 pandemic period, the MSME sector had a huge impact, states a LUB press statement issued here on Monday.

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.

Ravindra Sonawane, All India Vice President, LUB, disclosed that the LUB has a total membership close to 1 lakh registered and active members. 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. 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 the US and China in the world. MSMEs have a huge opportunity in creating, repairing, upgrading, and innovating products in an organized way.

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 strengthening the MSME sector by making them aware of the opportunities and facilities to grow in import subsidies, 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 September 16, the LUB has organised a Maharashtra Pradesh Adhiveshan 2022, in Mumbai where Union Finance Minister 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 Adhiveshan (Conference) across Maharashtra. The main purpose behind holding 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.