Modi government is planning a big pre-Diwali gift for the MSME sector. Taking inspiration from e-commerce behemoths like Alibaba and Amazon, the Modi government is planning to launch its own desi version of an e-commerce portal. The government has named the portal Bharatcraft, which will provide a platform for MSMEs to markets and sell their products.
Union minister for MSMEs, Nitin Gadkari on Thursday announced the govt's ambitious plan to launch Bharatcraft portal while speaking at 200th listing of an MSME company 'Wonder Fibromats' on NSE EMERGE.
Gadkari also added that the Bharatcraft portal has a huge potential to generate revenue worth ₹10 lakh crore in next 2-3 years.
"The Bharatcraft portal, which will be on the lines of Alibaba and Amazon, will provide a platform for MSMEs to market and sell their products and in turn boost the sector," Gadkari said.
"We want to give a boost to the MSME sector which is currently contributing nearly 29 per cent to the manufacturing segment and 40 per cent to the exports," Gadkari said.
The MSME sector has the potential to generate additional employment of 5 crore in the next five years. The government has set a target to increase the contribution of MSMEs in the manufacturing sector to 50 per cent in the next five years, he added.
Gadkari further said that payments have always been the issue for the MSMEs as the Government and public sectors delay their payments.
"A committee has been set up to study this aspect and we expect the report in the next few days. The government is planning to enable legislation framework, which would help the MSME sector get their payments faster, within 45 days of the bills being due. Any further delay in payments would lead to legal implications," the minister said.
He said the government will encourage MSMEs to contribute more towards exports, how they could contribute to overall economic growth and also enhance employment potential.
With inputs from PTI