Friday, August 14, 2020

Chandigarh

Session on Managing Changes, Converting challenges into opportunities and Govt. initiatives

Y.S.RANA | July 09, 2020 05:07 PM

CHANDIGARH:  Paramjit Singh, Director – Regional Centre for Entrepreneurship Development (RCED), inaugurated here on Thursday a 4- day online program on Entrepreneurship. It is organized by the School of Entrepreneurship Cell, Baba Farid Group of Institutions, Deon, Bathinda, and RCED. Around150 students and faculty members enrolled in the program.

In the Inaugural session, Paramjit Singh, Chief Guest for the program shared his views on how to manage changes, converting challenges into opportunities and the govt. initiatives.

Singh beautifully explained that the Government of India, on May 14 gave the nation a perfect example of changing challenges into opportunities. With the COVID-19 pandemic in 2020, India faced the greatest socio-economic shock in a generation, coming at a time of acute inequality, ecological fragility, and growing distrust within and amongst societies. Many people became unemployed and many more underemployed by virtue of reduced wages and working hours. The situation demanded a pressing need for economic measures to stabilize and stimulate the economy and protect people’s jobs and livelihoods. At this time the Govt. of India acted to convert this challenge into an opportunity for the people of India, by changing the definition of MSME considering that Self employment will save lives not only for the entrepreneur but also create opportunities for others who will be employed by him.

He also says the MSME sector is one of the key sectors of the Indian economy. Being the second biggest job creators, it contributes significantly to the economy. The sector is the backbone of the national economic structure and has provided preparedness to prevent global economic shocks and adversities.

While dwelling on statistics he revealed that about 63.4 million units distributed throughout the nation, MSMEs contribute around 6.11 percent of GDP and 24.63 per cent of services. They contribute about 40 per cent of India's total exports. The MSME sector is by far the largest provider of jobs after the agriculture sector, employing more than 120 million people, with 51.2 per cent in rural areas. He further addressed the participants by acquainting them with the new definition of MSME from Rs. 25 Lakh to Rs. 1 Crore, its accomplishments.

He has also put forward details of various government schemes including PMEGP 1, PMEGP 2, STAND UP INDIA, MAKE IN INDIA, SKILL INDIA, MUDRA, SAMPADA, and Cluster Development of MSME and KVIC. Big response and appreciation were received from the participants.

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