MSME Ministry official assures industry of government support

Business Industry

Posted by AI on 2025-09-09 17:05:20 | Last Updated by AI on 2025-09-09 23:00:13

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Joint Secretary at the Union Ministry of Micro, Small and Medium Enterprises (MSME) Ateesh Kumar Singh emphasised that the government stood with the sector during the coronavirus pandemic, and affirmed continued support in present situation as well. This comes during a period of concern for many associated with the industry, owing to the global economic impact of Russia's invasion of Ukraine.

Speaking at a conference organised by the PHD Chamber of Commerce and Industry, Singh advised stakeholders to take advantage of the supportive policy environment in the country, especially with regard to credit access. He mentioned the recent announcement of the government to expand the emergency credit line guarantee scheme, launched in 2020 during the pandemic.

The scheme, according to Singh, has been revamped and renamed as the 'Atmanirbhar Credit Enablers' (ACE) scheme, expanding its coverage to include all entities eligible for the MSME classification. Under the scheme, the government will provide 100% guarantee for loans extended by banks and non-banking financial companies.

"The government is always with you, do not worry," Singh said. The official also urged the MSME industry to explore new avenues of growth, pointing out that the government has set up export promotion committees for 23 different product categories.

He highlighted the need to accept and adapt to the changing realities of the global economy, urging entrepreneurs to explore new markets and look for alternatives to traditional supply chains.

"The industry should not lose its focus from the overall objective of achieving self-reliance," he said. "It is also essential to ensure that the benefits of development reach the bottom of the pyramid."

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