Schedule a Call Back
Indian Ministry focuses on empowering MSMEs through skill development
Industry News- Sep 20,23
This transformation involves incentivising skills training for micro, small, and medium enterprises and offering customized courses to meet the demand for skilled workers within small businesses.
The Ministry of Skill Development and Entrepreneurship has shifted its focus towards enhancing the employability and productivity of small, informal enterprises. This transformation involves incentivising skills training for micro, small, and medium enterprises (MSMEs) and offering customised courses to meet the demand for skilled workers within small businesses.
These initiatives represent a significant departure from the previous approach, which tailored skill development to the requirements of larger corporations. They are integral to the strategic priorities outlined by the ministry in its Vision 2025.
A senior official, speaking anonymously, emphasised the importance of MSMEs as the backbone of India's manufacturing sector and their substantial potential for job creation. The objective is to provide skills training that align with their specific needs, thereby simultaneously boosting MSME productivity and generating millions of job opportunities as manufacturing and exports expand.
The official also stated, "In the coming years, the ministry's foremost objective is to establish a comprehensive skilling ecosystem that will propel India towards high-skills equilibrium, delivering positive outcomes for individuals, businesses, and the overall economy."
The ministry has identified three primary priorities for the next three years:
1. Catalysing the demand for formal skills, particularly from small and informal enterprises and entrepreneurs.
2. Enhancing the connections between education and skill development.
3. Improving quality assurance and reducing information gaps while increasing employer engagement.
India's MSME sector comprises approximately 7.5 million businesses employing over 120 million individuals. It contributes about 33% to the country's gross domestic product and approximately 42% to its exports.
Source: Indiatimes
Ministry of Skill Development and Entrepreneurship
MSMEs
Vision 2025
Micro
Small
and Medium Enterprises
Related Stories
Policy Regulation
Funding MSMEs During Economic Flux
Micro, Small, and Medium-sized Enterprises (MSMEs) are the backbone of India’s economy, contributing 30 per cent to the nation's GDP and 45 per cent to its exports.
Read morePolicy Regulation
Will revised MSME classification solve their funding puzzle?
Only 14 per cent of credit needs of Micro, Small and Medium Enterprises (MSMEs) - the backbone of India's economy - are met through formal channels. The revised MSME classification may mark a pivota..
Read morePolicy Regulation
Will the US tariff war add to MSMEs’ funding woes?
While Micro, Small and Medium Enterprises (MSMEs) continue to face barriers in accessing funds (due to high collateral norms, lack of credit history, slow approvals, etc), the new tariff war could a..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
