Union Minister Nitin Gadkari has announced the government’s plan to launch an e-commerce portal named Bharat Craft on lines of what Alibaba did to China. It will provide a platform for MSMEs to market and sell their products which in turn will boost the sector, Gadkari said.
Two months back, the government had proposed Alibaba like e-commerce platform to make MSMEs in the country.
Gadkari further added that the project has the potential to bear around Rs 10 lakh crore revenue in the next 2-3 years.
Presently, MSME contributes 29% of India’s GDP and about 50% of country exports GDP and can generate employment opportunities for five crores in the next five years.
To ramp up the MSME sector, the government has also set an aim to increase their contribution in manufacturing to 50% in the next five years.
Meanwhile, the government is considering the payment delay by public sectors an issue for the MSMEs. Hence, it has set up a committee to scrutinize such concerns.
Besides, the government is also planning to enable legislation framework, which can help the MSME sector get their payments faster – i.e. within 45 days of the bill is due. It also aspires to provide better credit facility, technology up-gradation, and skilling to boost the entire MSME ecosystem in India.
Delving into a partnership with private companies, same as how UPI programme adopted by e-commerce and payments companies can also be a viable option for the government.