‘MSMEs second largest employment creator in India after agriculture’

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JAMMU: National President, PHD Chamber of Commerce & Industry (PHDCCI), Anil Khaitan on Thursday said MSME sector was the second largest employment creator in India after agriculture. “The new turnover-based definition of MSME will bring more firms within the MSME fold, helping them to increase their access to funds from the banking sector,” Khaitan said.
Khaitan was speaking at a function held in connection with the launch of Jammu Region Chapter formally that was working as a committee till date.
He said “MSMEs are the backbone of the Indian economy and to stimulate the growth of MSMEs, industry body PHD Chamber of Commerce & Industry has played vital role to help entrepreneurs to get awareness and financial assistance”.
The PHDCCI has developed a web portal bringing in all government schemes under one umbrella which is easy to use and will display all government incentives/schemes for a particular product, an official statement read.
Highlighting the current scenario of start-up industry, National Secretary General Designate, PHD Chamber of Commerce and Industry, Mahesh Y Reddy said industry was going through an extensive research these days and if youth were inclined towards proper counseling and training through the medium of start-ups, they could do wonders for the economic development of India.