Indian ministry of micro, small and medium enterprises (MSME) plans to develop a marketing portal called 'Bharat Craft' for pushing its products, MSME minister Nitin Gadkari recently announced. The portal will provide a direct interface between buyers and sellers, he said at an event organised by the IMC Chamber of Commerce and Industry in Mumbai recently.

In the next two to three years, this portal will have a turnover of about ₹10 lakh crore, Indian media reports quoted the minister as saying. The government is looking at the over 63 million enterprises in the MSME space as a major growth engine and employment generation source, he said.

According to Gadkari, the MSME sector currently contributes 29 per cent to the country's gross domestic product and the government wants to scale this up to 50 per cent in the next five years.

To achieve this, the government will need to create new channels for funding, make the sector investor-friendly, bring in technological innovations, reduce logistics cost to make home-grown products competitive and provide adequate skills and market support, Gadkari told a top business daily.

Meetings are being held with the Asian Development Bank, the World Bank and German state-owned development bank KfW for providing low-cost capital to Indian MSMEs and the government has received ‘positive’ responses, he added. (DS)

Fibre2Fashion News Desk – India

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