Hailing MSME sector as a backbone of Indian economy, Union Minister for Micro, Small and Medium Enterprise (MSME) Nitin Gadkari said that the sector has a huge role to play in generating employment.
Gadkari, in order to make MSMEs in the country accessible to the world, has proposed a platform on the lines of Alibaba or Amazon.
We are going to open a new website, the name of it would be Bank of ideas, innovation, and research, which will be open for suggestion from the sector, said Gadkari while addressing the International SME convention.
So, anyone in the world can have access over their products, he added. Presently, MSME contributes 29% India’s GDP and about 50% of country export GDP.
Live from Inauguration of the MSME Day and International SME Convention 2019 https://t.co/zakPakhuZZ
— Nitin Gadkari (@nitin_gadkari) June 27, 2019
Gadkari further said that India’s current government dream to become $5 trillion economy can only realise through the help of MSME sector appropriate policy.
MSME sector is also set to increase to 15 crores from around 11.10 crores.
He also talked about the need for research and innovation in the MSME sector and said collaborating with global entities will bring in the latest technology in the sector.
Gadkari also handed out awards to selected 100 SMEs from 34,011 nominations.
Two days ago in Rajya Sabha, Gadkari had said that his ministry aims to increase the number of MSMEs in India through various schemes and programmes.
The govt claims to provide better credit facility, technology up-gradation, and skilling to boost the entire MSME ecosystem in India.
About 5.45 lakh micro enterprises have been assisted with a margin money subsidy of Rs 12,074.04 crore, providing employment opportunities to an estimated 45.22 lakh persons since the Prime Minister’s Employment Generation Programme (PMEGP) inception and till March this year, he said.