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The micro, small and medium enterprises (MSMEs) in the country are not only giving employment to millions but also contributing to nation building and becoming vital supply chains to big industries, Union Commerce Minister Piyush Goyal said on Saturday. 

Moreover, quality control orders (QCOs) are protecting MSMEs from unfair competition from outside the country, he added.

Addressing the 10th 'India International MSME Startup Expo and Summit 2024' in the national capital, the minister said an MSME should not be looked upon as merely a small enterprise.

“Innovative ideas and new ways of doing things are the hallmark of the entrepreneurs of MSMEs. The entire ecosystem around big industries and enterprises comprises of thousands of MSMEs, without whom they cannot succeed,” said Commerce Minister, adding that MSMEs act both as a suppliers and customers of big industries.

The minister highlighted that through QCOs, the government is supporting the MSME sector.

“We are giving time to MSMEs to meet the requirements,” he said, adding that MSMEs will benefit due to two reasons.

“QCOs stop substandard goods imported at strange rates from outside the country and thus helps the MSME sector by protecting it from unfair competition. And secondly, when MSMEs meet the standards, they can become competitive both nationally and internationally and become profitable,” Minister Goyal informed.

MSMEs also play an important role in tourism and infrastructure development of the country and have a big share in India’s exports. The growth of this sector is vital for the country and a focus area for the government.

The minister said that when 140 crore countrymen get together to contribute in nation building, India will become a developed nation by 2047 and we can ensure prosperity for all.

Finance Minister Nirmala Sitharaman has announced term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee as part of a new scheme. This fund will provide guarantees of up to Rs 100 crore.