New Delhi: The central government has made a big announcement for the MSME sector. The government said it is soon going to launch the 'Bharatcraft' portal on the lines of e-commerce giant Sibe, Flipkart and Amazon, which will allow small industries to sell their products across the country. The portal is expected to generate revenue of around Rs 10 lakh crore in two to three years.
Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari said, the BharatCraft portal will provide a market to MSME companies and help in selling their products. "We want to boost the MSME sector," the Union Minister said on the occasion of the listing of the 200th MSME company 'Wonder Fibremats' on the 'Emerge' platform of the National Stock Exchange. The sector currently contributes about 29 per cent to manufacturing and 40 per cent in exports. "
The MSME sector has the potential to generate 5 crore additional jobs in the next five years. The government has set a target of increasing the contribution of MSMEs in the manufacturing sector by 50 per cent in the coming five years. Payment to MSMEs has always been a problem as the Government and the public sector companies delay the payment of dues of small and medium companies. The government is considering a law framework to speed up the payment of MSME sector. Delay in payment of bills will face legal action. Nitin Gadkari said, the government will encourage MSMEs to contribute more towards exports, contribute to economic growth and increase employment potential.
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