In a bid to inspire research and innovation, the Ministry of Micro, Small and Medium Enterprises (MSME) is planning to lease technology centres to engineering colleges, IITs, polytechnic colleges and industry associations with a good track record. The MSME Minister Nitin Gadkari has recently issued a statement regarding this along with highlighting the need to create employment using surplus resources.

"Today, there is an import of Rs 8 lakh crore crude oil in the country, instead, we can build Rs 2 lakh crore ethanol economy by tapping into domestic resources. The gap between India and Bharat is still wide but with our motto of reform, perform and transform, we can definitely overcome the challenges, Gadkari said while speaking at the MSME Finance Week on Wednesday which was organised by the Global Alliance for Mass Entrepreneurship (GAME).

Claiming that Rs 6,000 crore have been invested in technology centres until now, Gadkari said that, “Now we are planning to give these technology centres on a lease basis to engineering colleges, IITs, polytechnic colleges and industry association with a good track record.” The MSME Minister further said that a key reason for most MSMEs to turn into non-performing assets (NPAs) is delayed reconciliation of their receivables and bills that creates liquidity constraints hence affecting their sustainability.

This was one of our key recommendations to the government for MSMEs to survive – to ensure quick disbursement of payables from not only government departments, but also private players, said Ravi Venkatesan, Founder, GAME. The facilities of the technology centres under the MSME Ministry allow designing and manufacture of sophisticated tools, parts, components and products in conformity with international standards.

The MSME Finance Week was a virtual event organised by the Global Alliance for Mass Entrepreneurship (GAME).

The latest hardware and software available at these centres ensure professional design and 3D solid modelling. The production facilities at the technology centres offer an array of cutting-edge production services to MSMEs. In addition, these institutes provide technical services such as design of parts and components, materials testing, heat treatment, quality control, and technical consultancy related to the product & process improvement.

The technology centres, apart from extending design, development & manufacturing support to MSMEs for complex tools, parts and components (many that serve as import substitutes), have also supported the strategic sectors such as aerospace, defence, atomic energy and many more of the country for their R&D requirements.