CHAMPIONS

Subject: Economy

Context:

Prime Minister has launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength.

Concept:

• The portal is basically for making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding.
• It is a real one-stop-shop solution of MSME Ministry.
• This ICT based system is set up to help the MSMEs in present difficult situation and also to handhold them to become national and international champions.
• Detailed objectives of CHAMPIONS:
• Grievance Redressal: To resolve the problems of MSMEs including those of finance, raw materials, labor, regulatory permissions etc particularly in the COVID created difficult situation;
• To help them capture new opportunities:  including manufacturing of medical equipment and accessories like PPEs, masks, etc and supply them in National and International markets;
• To identify and encourage the sparks:  i.e. the potential MSMEs who are able to withstand the current situation and can become national and international champions.
• In addition to ICT tools including telephone, internet and video conference, the system is enabled by Artificial Intelligence, Data Analytics and Machine Learning.

Importance of MSMEs

• MSMEs are the backbone of Indian economy. Silently operating in different areas across the country, more than 6 crore MSMEs have a crucial role to play in building a stronger and self-reliant India.
• These small economic engines have a huge impact on the country’s GDP-making a contribution of 29 percent.
• They contribute to almost half of exports from the country.
• Additionally, more than 11 crore people are employed in the MSME sector.