Left Menu
Development News Edition

18 lakh availed loans for MSMEs in last 4 years, jobs to 10 cr people: Giriraj Singh

Devdiscourse News Desk | New Delhi | Updated: 05-02-2019 17:34 IST | Created: 05-02-2019 16:22 IST
18 lakh availed loans for MSMEs in last 4 years, jobs to 10 cr people: Giriraj Singh
He also said two lakh entrepreneurs benefited from the Prime Minister's Employment Guarantee Programme between 2014-18 taking the overall number to 20 lakh. Image Credit: Wikimedia

Union minister Giriraj Singh on Tuesday said micro, small and medium enterprises in the country have provided jobs to 10 crore people between 2014-18, terming it a "tight slap" on people raising a "propaganda" to defame MSMEs. His comments came days after media reports suggested that a periodic labour force survey of the National Sample Survey Office found the unemployment rate in 2017-18 was the highest since 1972-73 when it was 2.2 per cent.

Singh, the Union Minister for Micro, Small and Medium Enterprises (MSME), observed that between 2014 and 2018, 18 lakh entrepreneurs availed loans under the credit guarantee scheme, as against only 11 lakh entrepreneurs between 2010-14. He also said two lakh entrepreneurs benefited from the Prime Minister's Employment Guarantee Programme between 2014-18 taking the overall number to 20 lakh.

According to him, existing MSME units gave employment to a minimum of seven crore people while enterprises set up by new entrepreneurs provided jobs to three crore people. "How is employment falling when 20 lakh entrepreneurs are standing up. If someone says it is night now I will not agree because I am talking during the day. With full confidence and full evidence I say that a situation to spread confusion is being created in the country," he said, addressing the stakeholders' consultation meeting on national SC/ST hub here.

"MSMEs have provided jobs to 10 crore people in the past four years. This is not word of mouth but based on a survey. It is a tight slap on the names of people who are raising propaganda to defame MSMEs. When the GDP is rising, inflation is falling, how can the employment fall," Singh said. The NSSO survey reportedly was based on data collected between July 2017 and June 2018 and is the first official survey post-demonetisation.

The news report further said that unemployment was higher in urban areas at 7.8 per cent as compared to 5.3 per cent in rural areas of the country. Earlier, the Centre for Monitoring Indian Economy (CMIE) had stated that 1.5 million jobs were lost just in the first four months of 2017 -- immediately after demonetisation of old 500 and 1000 rupee notes. The NSSO job report was previously planned to be released in December 2018.


TRENDING

OPINION / BLOG / INTERVIEW

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

How UK’s 'best prepared' healthcare system failed to gauge COVID-19

The UK is proud of their public health system and its unlike any other country as around 90 percent of British public supports the founding principles of National Health Service. But without accurate data being available to stakeholders in ...

Poor on IHR capacity progress in 2019, WHO says Cambodia tops COVID-19 response

Despite being in proximity to Hubei, the original epicenter of COVID-19 pandemic, Cambodia has reported just 226 confirmed cases and zero deaths. After seeing the data, WHO appreciated Cambodias healthcare information system but experts dou...

Loopholes in Healthcare Information System may have failed Singapore COVID-19 model

In the initial days of the COVID-19 outbreak, Singapore was in the limelight for its effective healthcare system and pandemic response plan. However, Singapore has now joined the list of the worst-hit nations and the situation is even worse...

Videos

Latest News

OCI card holders from US, UK, Germany, France can visit India

Overseas Citizen of India OCI card holders from the US, UK, German and France, with whom India has signed air bubble arrangements, will be allowed to visit the country, the Home Ministry announced on Friday. Other foreigners from these coun...

U.N. agencies scramble to help Beirut warehouse blast victims

The deadly warehouse blast in Beirut this week devastated Lebanons already faltering healthcare system and U.N. agencies are scrambling to support hundreds of thousands of people, officials said on Friday.Tuesdays explosion fully or partial...

Israel says it shot down drone on Golan Heights overnight

Israels military said on Friday it had shot down a drone overnight that crossed into Israeli airspace near Mount Hermon in the Golan Heights, a strategic plateau at the frontier with Syria.No other details were given, though the army said i...

China arrests netizen for spreading “rumours” of death of Chinese troops in Galwan Valley clash

Chinese police have arrested a man for posting rumours on social media alleging that poor-quality military vehicles have caused the death of PLA soldiers during the India-China border clash, the official media here reported. Recently, a net...

Give Feedback