STOCK MARKET BSE NSE

Micro, Small and Medium Enterprises pension scheme on the anvil: Minister

The government is likely to start the contributory pension scheme in association with a public sector insurance provider.

Published: 04th January 2018 01:31 AM  |   Last Updated: 04th January 2018 09:44 AM   |  A+A-

KSIDC managing director M Beena having a word with Industries Minister A C Moideen at the MSME award distribution ceremony in Thiruvananthapuram on Wednesday | Manu R Mavelil

By Express News Service

THIRUVANANTHAPURAM: In a major relief to more than 2 lakh Micro, Small and Medium Enterprises’ (MSME) entrepreneurs, the government has drawn up a plan to start a pension scheme for these industries.Industries Minister A C Moideen made the announcement while inaugurating the award distribution ceremony of MSMEs for 2014-15 here on Wednesday.

The government is likely to start the contributory pension scheme in association with a public sector insurance provider.“A pension scheme has been a long pending demand for MSME entrepreneurs. Earlier, government’s attempt  to start a pension scheme ended in failure as a particular section tried to limit the scheme to a group of small scale industries,” said an officer of Industries Department.

MSME has been the engine of growth and the sector is contributes to 45 per cent of  the production. The government pushed various measures to promote MSME which have been lagging due to lack of infrastructure and financial support.

Maiden industrial policy this month

The Pinarayi Vijayan Government will unveil its maiden industrial policy in January which will provide backing to MSMEs, with the focus on employment generation. “Generating jobs is crucial since more Malayali expats are returning home from West Asia( GCC countries) and MSMEs have proved they can indeed generate employment,”  said Moideen. The draft industrial policy announced in June lays thrust on private industrial parks and special cells for single window clearance.

Moideen reiterated the government’s commitment to provide an industrial friendly environment.
He lauded the support extended by the Local Self- Government Department for helping the government in revoking the local bodies’ arbitrary powers to issue stop memos to industrial units. According to Moideen, the Industries Ministry has been in talks with Planning Board to use the local bodies’ plan fund to develop infrastructure for MSMEs.Additional Chief Secretary (Industries) T K Jose, KSIDC MD  M Beena and K Muraleedharan MLA attended the function.

Stay up to date on all the latest Thiruvananthapuram news with The New Indian Express App. Download now

Comments(1)

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

  • ujjjwal

    reply on reply on your scheem
    1 year ago reply
flipboard facebook twitter whatsapp