'Vision is to increase MSME's contribution to GDP by 21%', Nitin Gadkari inaugurates MSME Day 2019 bash

New Delhi, June 28: “The contribution of MSME sector to the country's GDP will raise to 50 per cent from the present 29 per cent ensuring employment to at least 15 crore people against the 11.1 Crore at present”, said Nitin Gadkari while inaugurating the MSME Day 2019 celebrations and the second International SME Convention in New Delhi.

 

He further claimed that Prime Minister Narendra Modi's dream of making India a 5 Trillion Dollar economy can only be fulfilled by ensuring the growth of the MSME sector in the country.

 

Emphasizing Centre’s committment towards creating an enabling environment for the growth of the sector, Gadkari said that there was an urgent need to encourage research and innovation in the sector, collaborate with global entities to bring in the latest technology and best practices and also promote marketing.

 

The objectives behind organising the said convention lie at boosting the international competitiveness of the Indian MSMEs by making them aware of global trends and practices and standards in export financing, along with experience sharing by successful exporters.

It also aims at providing the MSMEs a platform to understand the opportunities in the international market and encourage them to evaluate options and opportunities of international trade.

 

Further stressing on the need to diversify in new MSME potential sectors especially in the rural and agricultural sectors, he said that the International SME convention could play a crucial role as it was a great platform for discussing and sharing the best practices for enterprise development.

 

“MSME sector is the backbone of the country's economy. The sector is changing very fast . With the coming of GST, many micro and small enterprises have come into the fold of the firmal economy, which is a very good sign”, said Secretary MSME Arun Kumar Panda meanwhile.