Ease of Doing Business for MSMEs: In the initially big cabinet reshuffle through the second term of Prime Minister Narendra Modi, 43 leaders such as 15 new Cabinet Ministers and 28 Ministers of States had been sworn-in on Wednesday evening. The MSME Ministry portfolio, which was earlier held by Nitin Gadkari, was allocated to Narayan Tatu Rane – former Chief Minister of Maharashtra. Rane, 69, on Thursday, assumed charge of the MSME Ministry. The process at hand for Rane would be to expedite recovery of the ailing MSME sector due to the Covid crisis and assuage issues of modest enterprises that have been constantly calling for more assistance especially in terms of ease of credit access, and decreased compliance burden.
Rane had earlier also served as the Cabinet Minister for Industry, Port, Employment and Self-employment verticals in the Maharashtra government. According to MSME Ministry, Rane has been in public service across various capacities for more than 35 years. The Minister mentioned MSMEs are amongst the strongest drivers of financial development, innovation, and employment. Rane known as for the aim to “Unshackle the MSMEs and unleash their full potential to double their contribution towards a $5 trillion economy and transform the lives of the aspiring millions through jobs, exports, and inclusive growth.”
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Along with Rane, the Minister of State charge in the ministry was provided to Bhanu Pratap Singh Verma who has been a 5-time Lok Sabha member of Parliament MP. Hailing from Jalaun district of Uttar Pradesh, Verma became an MLA back in 1991. In 2001, Verma was also elected as the vice-president of the Uttar Pradesh BJP’s SC Morcha. As an MP, Verma was a member of the Committee on Welfare of Scheduled Castes and Scheduled Tribes.
Verma mentioned that continual efforts are getting made towards the upliftment of MSMEs beneath the government’s Atmanirbhar Bharat initiative by way of several schemes for infrastructure development, credit & economic help, technologies up-gradation, and ability development along with interventions like an upward revision of MSME definition to incorporate significant quantity of company units and exporters, and so on. Former MSME Minister Nitin Gadkari had last year aimed at building 5 crore more jobs in the MSME sector in 5 years along with growing the GDP contribution to 50 per cent from about 30 per cent and exports’ share to 60 per cent from 49 per cent.