Union Minister of State for Micro, Small and Medium Enterprises (MSME) Shobha Karandlaje has called on India’s MSME sector to embrace emerging technologies and industries, highlighting the significant growth potential in robotics, aerospace, and defence technology. Speaking at a national conference on strengthening the legal and regulatory architecture for MSME growth, Karandlaje emphasised the need for skilling, technology upgradation, and a more MSME-friendly banking system to accelerate sectoral growth.
“The future holds significant growth in robotics, aerospace, and defence technology. Accordingly, our MSMEs should upgrade themselves and move forward,” Karandlaje said. Her remarks underscore the critical role of innovation and adaptation in maintaining India’s competitive edge in the global market.
Karandlaje stressed the importance of manufacturing high-quality products to capture a larger share of the global market. “We do not know which demand will increase in the world and when it will increase. Whatever we manufacture should be of international standard. For that, we need to have good technology and skilled workers,” she noted. She cited the example of ready-to-cook and ready-to-eat products, which saw high demand during the COVID-19 pandemic but could not be met due to a lack of internationally compliant products.
The Minister also highlighted the need for further formalisation of the MSME sector. She pointed out that many entrepreneurs, especially in rural areas, are unaware of the Udyam portal, a crucial platform for MSME registration. “While the number of registrations on the Udyam portal has reached 7.4 crores, many people are still not registered on it. They fear that once they register on the portal, GST officers may come or they may have to pay higher taxes. Many people are not even aware of the Udyam portal. The MSME sector needs to get further formalised,” she said.
Karandlaje revealed that the MSME Ministry is in discussions with the Finance Ministry to explore ways to make the banking system more MSME-friendly. This initiative aims to provide better financial support and access to credit for small and medium enterprises, fostering their growth and sustainability.
The Minister’s call to action resonates with the broader vision of positioning India as a global leader in advanced manufacturing and technology. By focusing on high-growth sectors and addressing the challenges of formalisation and financial accessibility, the MSME sector can drive innovation and economic development, ensuring India’s prominence in the global market.