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New industrial policy coming soon, to boost MSMEs: Prabhu

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New Delhi, April 23 (IANS) India’s new industrial policy, to be announced soon, is designed to create an ecosystem to help the development of micro, small and medium enterprises (MSMEs) and link them to the global market, Commerce Minister Suresh Prabhu said on Monday.

At the inauguration of the International SME convention here, he said the new document that will replace the industrial policy of 1991 has been prepared keeping in mind the need to promote the gobal supply chain of large enterprises, “which have an organic relationship with small enterprises”.

“We have finalised the new industrial policy and will be announcing it soon. It is going through an inter-ministerial consultation,” he said.

“SMEs are the lifeline of economic activity in the whole world,” the Commerce Minister said, adding there was growing concern worldwide about the widening income inequality among various strata of society, which phenomenon could only be reversed by promoting small industry and creating jobs.

Last year, the Department of Industrial Policy and Promotion brought out a draft industrial policy which aims to create jobs, promote foreign technology transfer and attract foreign investment of $100 billion annually.

“There is a complementary relationship between large and small enterprises. The word ecosystem comes from nature itself where the existence of small trees and large undergrowth only allows the big trees to flourish,” Prabhu said.

“Big enterprises and MNCs require global value and supply chain, which is not possible without MSMEs. Need of the hour is strengthening these linkages between big and small, and together both will propel the global economy,” he added.

In his address, Minister of State for External Affairs M.J. Akbar cited the government’s Mudra scheme for funding the self-employed, particularly from the weaker sections.

He said more than of Rs 4,30,000 crore had been transferred by way of funding under the Mudra scheme to the “poorest of the poor, without collateral”.

“This has been transferred to 12 crore people and they are now creating jobs and products,” he said.

“NPAs (non performing assets, or bad loans) of Mudra from 120 million people are less than 7 per cent. 78 per cent of these loans have gone to women, and the reason why NPAs are so low,” he added.

Noting that there are around 65-70 million MSMEs in the country, MSME Minister Giriraj Singh said the government has promoted ease of doing business for the sector and now a unit could be registered within a few minutes.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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