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Vibrant Gujarat Summit 2019: 21,000 MoUs signed in MSME sector

The government, through these MoUs, want to accelerate the growth of small businesses through better networking with businesses from within the country and abroad.

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Many MoUs were signed between state & international chambers of commerce
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Close to 21,000 Memorandum of Understanding (MoUs) were signed in the Micro Small and Medium (MSME) sectors during the two days of Vibrant Gujarat 2019, said P D Vaghela, Chief Commissioner of State GST. The government, through these MoUs, want to accelerate the growth of small businesses through better networking with businesses from within the country and abroad.

A lot of the MoUs were also signed between various state and international chambers of commerce. The MoUs also include four tripartite agreements between the chambers and the government. Pankaj Kumar, additional chief secretary of Revenue Department, said that during the two days, around 1,000 business-to-business (B2B) meetings were held in 2019 as against 350 such meetings in 2018. About 600 meetings were also held between businesses and government organisations dealing with GIDC, environment, port, renewable energy, and so on.

Some of the major MoUs signed include one between Taiwan External Trade Development Council (TAITRA) and GESIA IT Association, one between Taiwan Computer Association and Federation of IT Associations of Gujarat (FITAG), another between Commonwealth Enterprise and Investment Council and Department of Industries and Mines of state government, as well as a tripartite agreement between Gujarat Chamber of Commerce and Industry (GCCI), Indian Institute of Chemical Tech (IICT), and the Gujarat Pollution Control Board (GPCB).

Delivering his speech at the conclave, Minister of State (Independent Charge) for MSMEs, Giriraj Singh said that economies of Singapore and China are growing fast because they do not have a place like Jantar Mantar, where people can protest against government policies. Despite protests, Prime Minister Narendra Modi is making efforts so that India can outpace China in economic growth rate, he said.

"Singapore does not have a Jantar Mantar (where protests are being held). China does not have a Jantar Mantar. Here, people shout slogans (and oppose government policies)," said Singh.

The minister congratulated the business community of the country for cooperating with the government in decisions like demonetisation and the rollout of Goods and Services Tax (GST). The central government is trying to increase institutional funding and improve access to technology for small businesses.

Arun Kumar Panda, secretary MSME, Central government, said that the rollout of GST has increased formalisation of small businesses in the country. He, however, mentioned that small businesses in the country are facing challenges in terms of access to timely and adequate capital, technology, market and skilled manpower.

Prasoon Mukherjee, vice chairman of Singapore's India Chamber of Commerce and Industry said that Singapore and India can be natural partners. Singapore has technology and capital but, needs human resource — for both white collar and blue collar jobs. He said that MSMEs in India can be linked to large corporates as well as MSMEs based out of Singapore.

Rs 6,800 cr MoUs in oil & gas sector

Sixteen MoUs, proposing investment of Rs6,800 cr in oil & gas sector, were signed at VGS. Officials said that Adani Gas signed MoU of Rs1,500 cr to expand its gas business. Vedanta signed MoU to invest Rs1,100 cr for exploration and other works. Vopak signed MoU to invest Rs1,200 crore, and state owned Gujarat Gas Rs855 crore. 

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