FCC

Bengal Summit Highlights MSMEs for Employment Growth

2023-08-25

In a strategic move to fortify employment prospects, Mamata Banerjee announced that the 7th edition of the Bengal Global Business Summit (BGBS) will shine a spotlight on micro, small, and medium enterprises (MSMEs). The summit, scheduled for November 21 and 22, underscores the pivotal role of MSMEs in generating job opportunities.

Banerjee, while inaugurating a handicraft exhibition at Milan Mela, highlighted the significant employment contribution of the MSME sector compared to larger industries like cement production units. This focus aligns with her vision of channelling investments into MSMEs to enhance job creation.

The Chief Minister emphasised her government's commitment to support MSME investment through various incentives. She announced plans to provide land for exhibition units to weavers and unveiled facilities for the sector. The administration aims to provide identity cards to MSME investors to mitigate unnecessary hassles.

Additionally, private industrial parks will receive government approval, strengthening the MSME sector. Initiatives like the Bhabishyat Credit Card, offering soft loans up to Rs 0.5 million with a government subsidy of Rs 25,000, have garnered substantial interest.

Banerjee's choice to bolster the MSME sector is strategic, aiming to address employment challenges ahead of the 2024 Lok Sabha polls and the 2026 Assembly elections. With more than 20 per cent of public concerns revolving around employment, promoting the MSME sector resonates as a proactive solution.

As Bengal's endeavours to attract larger investments face challenges, focusing on its renowned handicrafts appears to be a prudent step. Banerjee's emphasis on leveraging the state's expertise in leather products, handlooms, bamboo crafts, and dokra items demonstrates a commitment to harnessing local talent for employment creation.

By directing attention to the MSME sector, Banerjee aims to not only fuel economic growth but also address the pressing employment needs of the state, underscoring the sector's potential to redefine Bengal's economic landscape.