“A memorandum to that effect will be submitted to Prime Minister Narendra Modi,” Shobha Karandlaje stated in her speech after inaugurating a two-day conclave on MSMEs – 2024, organized by the FKCCI at Bangalore Palace Grounds.

Shobha Karandlaje noted that small, micro, and medium sector industries play a vital role in the industrial development of the country. These MSMEs create jobs for our youth. “The Centre has evolved many schemes to encourage MSMEs,” she added.

She also highlighted that there has been an increased allocation for MSMEs in the Union budget, emphasizing that MSMEs are playing a vital role in realizing Prime Minister Narendra Modi’s vision of a “Vikasit Bharat.”

According to Shobha Karandlaje, there is a need to improve the skill development of youth in MSMEs to better align with the needs of the industry.

“We are taking steps in that direction. MSMEs are contributing significantly to GDP growth. About five lakh applications are received every year to start new MSMEs. We are currently able to provide subsidies to only 90,000 applicants. We have submitted a proposal to the Finance Minister to enhance this subsidy component,” the MSME Minister explained.

Revealing that large PSUs are importing many raw materials from other countries, Shobha Karandlaje said her ministry will appeal to the Prime Minister to direct these PSUs to prioritize purchasing raw materials from MSMEs.

FKCCI President Ramesh Chandra Lahoti, in his speech, stated that the two-day conclave will create a platform for young entrepreneurs to obtain information about starting MSMEs.

“MSMEs form the foundation of our industrial development. The Centre and states have introduced many schemes for the benefit of young entrepreneurs,” he added.

The MSME Conclave-2024 is an important platform to ensure the growth and sustainability of the MSME sector in the state. Industry leaders, policymakers, and financial institutions have joined forces to provide all the necessary information about starting MSMEs.

“Our aim is to create a conducive environment for starting MSMEs with all the necessary financial and infrastructural support,” the FKCCI President explained.

FKCCI President-Elect M.G. Balakrishna, Senior Vice President Uma Reddy, FKCCI Industry Committee President Aravinda Burji, KASSIA President M. G. Rajagopal, and Peenya Industries Association President Shivakumar were also present on the occasion.