Small Scale Industries play a crucial role in the country’s productivity

Laghu Udyog Bharati (LUB/ Small Industries of India) focusses on and works towards uplifting and strengthening the Medium and Small Medium Enterprises MSME sector. There are multiple levels at which LUB operates, including targetting policy adversity, policy intervention, guidelines, entrepreneur development programme, exports, power, industrial land and property, banking and finance, etc. At a press meet held at the Ramee Guestline Hotel, Dadar, Mumbai, yesterday, they presented their profile and talked about their preparations for the Maharashtra State Convention, which is being held on 16 September, in Mumbai.

During the pandemic, the MSME sector felt a huge impact. Based on the State Bank of India (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 to 27 per cent in May, from 19.7 per cent in April. One of the speakers, Ravindra Sonawane, All India Vice-President, LUB, said “We have total membership close to 1 lakh registered and active members. In the coming few years, the MSME sector will meet almost 90% of the government’s “Make in India” initiative. We are taking major steps for becoming self-reliant, by making everything, from complicated to small products, which can substitute goods from China. MSME sector has a GDP share of 6% in India which is expected to grow to 20% in near future. After the agricultural sector, the MSME sector 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 re-work plans and made India a start-up and manufacturing hub nation. India is the third largest start-up nation, after US and China, in the world. MSMEs have a huge opportunity in creating, repairing, upgrading, and innovating products in an organised way.  

Bhushan Marde, Maharashtra State Secretary, LUB, said, “Bharat (India) 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 expecting the MSME sector to grow 100% in the next 3 years. Also, we are working on an industry policy which is to be announced soon by focusing on challenges, and issues faced by the conventional MSME sector. Our efforts are also towards uplifting and strengthening the MSME sector, by making it aware of the opportunities and facilities to grow in imports 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 16th September 2022, LUB will hold a Maharashtra State Convention, in Mumbai where Union Finance and Corporate Affairs Minister Nirmala Sitharaman will be the chief guest and will interact with the MSME members on GST, power, MSME sector, developmental factors, etc. All the entrepreneurs from 36 districts and 100 talukas (village blocks) will come for the convention, from across Maharashtra. The major purpose behind holding this convention is to focus on the policies of the central government, as well as state governments, and pursue them, by sharing valuable inputs all over India.