New Delhi [India], August 24 : Union Commerce and Industry Minister Piyush Goyal on Saturday supported the quality control orders (QCOs) saying that they have the potential to protect the indigenous industry from substandard imports from abroad.
Speaking at the 10th India International MSME Startup Expo & Summit 2024, the Union Minister said that eventually these measures are benefiting the MSMEs.
Quality control orders or regulatory measures were launched by the government to establish quality standards for specific products or product categories.
The Union Minister further explained that the quality control orders are helping MSMEs by restricting spurious material coming from abroad.
"By placing a control order on it, we get strength. A weapon comes that we can stop all the substandard goods and the good quality goods made in India can be sold in India," he said.
"And when a quality control order is applied on you, they do not trouble you. You do not have to fight in the laboratory. You do not have to spend much for it. All these products can be made in your own factory, with your own hard work," the Minister said explaining how can MSMEs can manufacture quality products in their own factory.
Going further he said, that India will be self-reliant by developing its production capacity and capability.
In India, the MSME sector is a vibrant and dynamic part of the economy, fostering entrepreneurship and generating self-employment opportunities at a comparatively lower capital cost, second only to agriculture.
The Ministry of MSME, Government of India, promotes the growth and development of this sector through various schemes and programs. These initiatives encompass credit support, technological assistance, infrastructure development, skill development and training, enhancing competitiveness, and market assistance.
The MSME sector in India has demonstrated remarkable resilience and adaptability, contributing significantly to the country's GDP over the years. The share of MSME Gross Value Added (GVA) in India's GDP stood at 29.7 per cent in 2017-18, increasing to 30.5 per cent in both 2018-19 and 2019-20.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor