PHD CHAMBER APPEALS TO THE GOVT. TO DEVISE INSURANCE SCHEME FOR MSMEs

PHD CHAMBER APPEALS TO THE GOVT. TO DEVISE INSURANCE SCHEME FOR MSMEs

PHD CHAMBER APPEALS TO THE GOVT. TO DEVISE INSURANCE SCHEME FOR MSMEs

No.PR-4

April 10, 2018

New Delhi

 

PHD CHAMBER APPEALS TO THE GOVT. TO DEVISE INSURANCE SCHEME FOR MSMEs

 

PHD Chamber of Commerce and Industry on Tuesday urged the government to devise an insurance scheme for MSME segment on line of scheme such as National Health Mission to not only protects it from unforeseen happenings but also for its overall growth.

 

The Chamber has also demanded that credit guarantee scheme applicable for MSME segment need to be updated and modernise keeping in view the contribution of this segment to the national GDP in terms of raising the limit of credit guarantee scheme from existing Rs.2 crore to Rs.10 crore.

 

The Chamber has pointed out that with the roll out of so many insurance schemes to cover vast segment of industrial activities, the MSME segment is virtually bereft of any insurance scheme resulting into its constriction in terms of expansion of industrial activities and therefore, time has come that the government awaken to the fact that without a suggested insurance protection to MSMEs, its expansion would be difficult.

 

It held that MSMEs, according to latest national sample survey’s findings number in over 7 lakh crores with their 40% contribution in total India’s export and that theirs 45% share in national industrial output does require a scheme that can protect it from unforeseen circumstances, given its size and general contribution to Indian economy.

 

The aforesaid recommendations were made during a Seminar on “Debtors and Industry Protection Through Insurance – Need of MSME Sector” under aegis of PHD Chamber of Commerce and Industry here today in which Former Secretary, DIPP, Mr. Ajay Shankar was key speaker.

 

The other panellists comprised Director, Planning & Marketing, NSIC, Mr. P Udaya Kumar; Director, MSME Development Institute, Mr. Vijay Kumar; Chairman and Co-Chairman, Insurance Committee, PHD Chamber, Mr. Satish Girotra and Mr. Warendra Sinha; Secretary General, PHD Chamber, Mr. Saurabh Sanyal and its Director, Mr. Debjit Talapatra.

 

During the panel discussion that followed also reiterated that with national insurance scheme in place for MSMEs, its growth and expansion would not only be ensured to realizing the fullest potential of this segment but also ensure for its protection under circumstances beyond control of humanity.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)