MSME sector to play major role in making India a 5 trillion economy: Minister

Published on Jun 28, 2022 11:36 PM IST

Union MSME minister Bhanu Pratap Singh Verma said on Tuesday that the MSME sector had become a new engine of growth in the country and through innovation, it would be more competitive

MSME accounted for about 30 per cent of the country’s GDP. The industry must focus on adopting new-age technology, including digitizing systems, said the minister. (Pic for representation)
MSME accounted for about 30 per cent of the country’s GDP. The industry must focus on adopting new-age technology, including digitizing systems, said the minister. (Pic for representation)

Lucknow The Micro, Small and Medium Enterprises (MSME) sector was all set to play a major role in making India a 5 trillion dollar economy, said union MSME minister Bhanu Pratap Singh Verma here on Tuesday.

He was addressing a session - Making Indian MSMEs Globally Competitive through Trade, Finance & Investment Facilitation - on the second day of the Uttar Pradesh MSME Convention 2022.

The minister said, “The centre is committed to developing a better system of redressal and debt facilities.”

He said the MSME sector had become a new engine of growth in the country and through innovation, it would be more competitive. “The exports from the MSME sector are continuously increasing, with its contribution to the country’s exports now touching almost 50 per cent,” he said.

He said , “MSME accounts for about 30 per cent of the country’s GDP. The industry must focus on adopting new-age technology, including digitizing systems.”

Ravi Gupta, Co-Chairman of Assocham National Council on WTO Trade and Investment, stressed that MSMEs keep their products eco-friendly and clean. “Since Uttar Pradesh is renowned for its leather, carpets, handicrafts, milk, and milk products, which are produced on a large scale, the state can play an important role in making these units self-reliant,” he said.

Motilal Sethi, Co-Chairman, ASSOCHAM Leather & Footwear, said that the real objective of the conference was to enhance the competitiveness of MSMEs. He said that emphasis should be laid on skill development in every sector. Along with this, there was also the need to speed up the delivery of benefits of various schemes of the government.

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