Vivek Rae Appointed as Secretary of Medium and Small Enterprises

Vivek Rae, on 8 October 2012 took over as Secretary in Ministry of Micro, Small and Medium Enterprises (MSME). He succeeds Radha Krishna Mathur who at present is Secretary in Department of Defence Production and Ministry of Defence.

Vivek Rae is a 1978 batch IAS officer of Union Territory cadre. Before joining the Ministry of Micro Small and Medium Enterprises he was Director General (Acquistion) in Ministry of Defence.

About MSME

With the amendment of, Government of India (Allocation of Business) Rules, 1961 by the President of  India, Ministry of Agro and Rural Industries (Krishi Evam Gramin Udyog Mantralaya) and Ministry of Small Scale Industries (Laghu Udyog Mantralaya) have been merged into a single Ministry, namely Ministry of Micro, Small and Medium Enterprises (Sukshma Laghu Aur Madhyam Udyam Mantralaya)

The micro small and medium enterprises (MSMEs) are accepted as the engine of economic growth and for promoting equitable development. The major advantage of the sector is its employment potential at low capital cost. The labour intensity of the MSME sector is much higher than that of the large enterprises. The MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and account for a major share of industrial production and exports.

In India, the MSMEs play a pivotal role in the overall industrial economy of the country. In recent years the MSME sector has consistently registered higher growth rate compared to the overall industrial sector.