Former Bihar Chief Minister Jitan Ram Manjhi has been appointed as the new Minister of Micro, Small, and Medium Enterprises (MSME), as part of Prime Minister Narendra Modi’s cabinet reshuffle. Manjhi follows Narayan Rane, who took up the MSME portfolio in July 2021. Here, we examine the potential developments Manjhi might bring to the MSME sector.
Appointment as Minister for MSMEs
Manjhi’s appointment as MSME Minister during Modi’s third term reflects his sustained political influence and support for marginalized groups. The MSME sector is essential to India’s economic growth, and Manjhi’s leadership is expected to make significant contributions.
Potential advancements in the MSME sector.
Manjhi’s extensive experience in state politics, along with his focus on community welfare, positions him well to effect significant change in the MSME sector. During his term, he is expected to focus on the following key areas:
- Improved Access to Finance: The Prime Minister Mudra Yojana (PMMY) has given more than 460 million loans worth Rs 27 trillion. Manjhi is anticipated to argue for more enhancements, such as increasing the loan ceiling to Rs 20 lakh, as outlined in the BJP’s 2024 electoral program.
- Addressing Delayed Payments: Payment delays are a major concern for the MSME sector. Manjhi’s government is likely to enforce stiffer fines and speed up processes using platforms like the Samadhaan portal to ensure timely payments.
- Help for Small Enterprises: Recognizing the importance of smaller enterprises, Manjhi is expected to create policies that boost support and growth opportunities for small and micro businesses, ensuring they have adequate resources and market access.
- Promoting Entrepreneurship: Manjhi’s leadership may result in initiatives to foster entrepreneurship, particularly among poor people, by using his extensive political experience and commitment to social welfare.
Shobha Karandlaje’s role
Shobha Karandlaje, the new Minister of State (MoS) in the Ministries of MSME and Labour and Employment, will support Manjhi in his responsibilities. Karandlaje’s social work and political skills will help Manjhi push the sector’s expansion.
Conclusion
Jitan Ram Manjhi’s appointment as MSME Minister is noteworthy for his perseverance and commitment to social justice. His extensive political experience and focus on vulnerable people position him well to make substantial contributions to the MSME sector, hence stimulating growth and supporting entrepreneurship in India.
