On June 1st, Prime Minister Narendra Modi has launched CHAMPIONS portal, branded as a one-stop solution for the MSME sector. This portal will encourage, support and help MSMEs. After recently announced Aatmanirbhar Bharat economic package, the government has launched this portal to help MSMEs further. In this article we are going to answer, what is MSME CHAMPIONS and how will the MSME CHAMPIONS portal work? Without further delay, let's straight jump to What is MSME?
What is MSME?
MSME stands for Micro, Small and Medium Enterprises. As per Government website, 45% of India’s Total Industrial Employment is from this sector. Not just that but more than 6000 types of products are manufactured in these industries. MSME industries are the backbone in developing countries like India. When these industries grow, the economy of the country grows as well.
MSME Classification [Source]
|Manufacturing||Investment||< Rs.25 lakh||< Rs.5 crore||< Rs.10 crore|
|Services||Investment||< Rs.10 lakh||< Rs.2 crore||< Rs.5 crore|
What is MSME Champions?
CHAMPIONS stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. The objectives of this portal are as follow.
- To solve MSMEs relates problem, including finance, raw materials, labour, regulatory permissions, etc.
- To help MSMEs for new opportunities, including manufacturing of medical equipment like PPEs, masks and supply them in national and international markets.
- To identify and encourage MSMEs.
How will the MSME Champions Portal Work
- Rs 20,000 crore package for Distressed MSMEs
- Rs 50,000 crore equity infusion through Fund of Funds
CHAMPIONS is a technology-packed management information system. Along with the ICT (Information and communications technology) Tools, including telephone & internet, this portal also uses AI, Machine Learning and Data analytics. It is also integrated with Government of India's other portals CPGRAMS and MSME Ministry's web-based mechanism. The entire system is created with the help of NIC (National Informatics Centre), and the physical infrastructure is also built.
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