Supporting MSME sector

The policymakers have no option than to promote, support, and facilitate the Micro, Small and Medium Enterprises (MSME) sector to keep the economy afloat in these times of crippled activity which has curtailed all business activities.

The small-size entrepreneurs will not sit idle and for their own survival will face the challenges of the coronavirus pandemic. The policymakers need to support them to keep the wheel moving. Their encouragement, motivation and support can do wonders for the sector which will reflect on the badly-beaten economy.

The government will have to work on MSME sector from grassroots level and should begin with agriculture. Due to climate change, it is imperative that hydroponic farming is given top priority.

We need to educate MSME farmers about the benefits of hydroponic farming and introduce it as a parallel system. Once farmers understand how easy and safe it is and protect their lands, they will gradually adopt it. Hydroponic farming can fill all shortages and guarantee regular supplies from greenhouses to superstores and fill shelves everywhere.

Secondly, we need to tap all seafood resources and modernize the fishing industry. Our trawlers are outdated and we need to upgrade them with onboard refrigeration and modern catching and deep-sea fishing equipment.

The sheep breeding industry is neglected and not given the attention it deserves. Farmers should be encouraged to adopt this parallel to farming and provide the best veterinary care and education on the food and nutritional values for rapid growth.

Our poultry industry is also not up to the mark and besides chicken, we need to work on partridges, ducks, turkeys and ostriches for export as in many global countries there is a huge demand for these. The concept of value added is a must as a value can be added to almost every product and line of trade.

A comprehensive support policy is needed to provide land at concessions on a pay as you earn scheme, finance at subsidized rates, leasing facility for plant and equipment for farmhouses and alternate energy such as solar, wind, or biomass systems. Modern banking, leasing, insurance and logistics should be provided to entrepreneurs.

It is high time the government realizes that large-scale sector is stagnant and MSMEs cannot afford to be shy and will come forward if supported as they needs to survive.

A final suggestion is to provide all-out support to the upper-medium entrepreneurs as they are in a position to set up import substitution industries. A value addition bureau is necessary and can be set up under the Small and  Medium Enterprises Development Authority (SMEDA).

We sincerely hope the government will roll up its sleeves and coordinate to jump-start the sector and promote the MSMEs on a fast track.