India inks Rs 2,200 crore MoU with World Bank to set up MSME training centres

PANAJI: The union Ministry for Micro, Small and Medium Enterprises (MSMEs) has signed a Memorandum of Understanding (MoU) with the World Bank for investing Rs 2,200 crore to set up training centres for MSME sector across India by 2017, minister of state for MSME, Haribhai Parthibhai Chaudhury said at an ASSOCHAM event held in New Delhi.
“We will also monitor if the money disbursed by the ministry has reached the target person,” said Chaudhury while inaugurating the ASSOCHAM conference on ‘Startup Integration in MSME sector.’
“Saudi Arabia is likely to invest up to Rs 2 lakh crore in India, it is a confidential matter, but since we have opened our defence and aviation sectors for foreign direct investment (FDI) we hope to get significant advantage of the same in MSME sector,” the minister said.
Highlighting that the government will soon bring a project for promoting honeybee keeping, he said that Ministry had taken various steps like – making databank, introducing credit guarantee scheme, barcode, enabling online complaint and other such initiatives during the course of past two years.
“We are working to make MSMEs GSTN-ready and we need the support of various associations to see how the sector can take advantage of the new tax reform which is going to be historic, start up or no start up you have to be tax compliant,” said additional secretary and development commissioner at MSME ministry SN Tripathi.
The ministry of MSME has also prepared a framework to restructure loans quickly if the banks are convinced of the viability of the MSME unit.