MSMEs Constitutes 50% Of Our Industrial Production: Dhanavel | SupportBiz

News

MSMEs Constitutes 50% Of Our Industrial Production: Dhanavel

 
Chennai: Small and Medium Enterprises (SMEs) is one of the important factors in India’s growth story and the State and Central Goverment are currently focusing to promote innovation in Research and Development sector.

In the recent times the MSMEs in the country have been exposed to the competetion from the world. "Micro Small and Medium Enterprises (MSMEs) have contributed 40-50% of India’s industrial production and about four to five per cent of the GDP in the last five years," said M Dhanavel, MSME Secretary, at the innovation talk conducted by TANSTIA-FNF Service Centre (TFSC) at IIT-Madras recently.  

He said that liberalisation post 1991 and the competition from the world market made the MSMEs follow the concept of ‘Innovate or perish’ to stay in the race. The conference also touched upon the Innovation Voucher Program (IVP) to promote micro and small scale industry innovation.

This pilot project is being implemented in Tamil Nadu across 30 districts, and will allow subsidies for research and innovation development in a demand-oriented and non-bureaucratic way, said the speakers. The IVP Pilot is being managed by Deutsche investitions und Entwicklungs Gesellschaft(DEG) along with TFSC and Frankfurt School of Finance and Management, along with IIT-Madras as the local project and technical advisor.

TFSC (TANSTIA - FNF Service Centre) is a collaborative venture between Tamil Nadu Small and Tiny Industries Association (TANSTIA) and Friedrich Naumann Stiftung Foundation (FNST), Germany.