Home / Knowledge / News / Textiles / Urgent need to improve MSMEs in 115 districts: Minister

Urgent need to improve MSMEs in 115 districts: Minister

10
Aug '20
Pic: Shanti Hesse / Shutterstock.com
Pic: Shanti Hesse / Shutterstock.com
There is an urgent need to look towards improving presence of micro, small and medium enterprise (MSME) industry in the 115 identified aspirational districts of the country, Union MSME minister Nitin Gadkari has said. The contribution of MSMEs to GDP is presently negligible, but with focused attention, these can uplift the employment scene in a big way.

The Union government is working upon a scheme for inclusion of smallest units under MSME ambit providing for their micro financial requirements, Gadkari said while addressing 'India@75 Summit: Mission 2022' organised by the Confederation of Indian Industries (CII).

Recently, the MSME umbrella has been expanded and industry with investment value upto ₹50 crore and turnover upto ₹250 crore has been covered in the new definition of MSME. Also, the manufacturing and service sectors under MSME have been brought together by giving similar definitions to both.

Gadkari called upon the CII representatives to share ideas and suggestions for improving the overall economic condition of the country. He cited the example of China, where top 10 business categories contributed about 70 per cent to its export bill. He said, by technology upgradation, India can also look for new export avenues in MSME sector. This will help grow a large number of ancillary units, he said.

Fibre2Fashion News Desk (RKS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 28th Sep 2020

Philippine garment sector may be hit by EU GSP+ withdrawal

The potential loss of tariff advantages offered by the European Union ...

Pic: Shutterstock

E-commerce | On 28th Sep 2020

Global e-com sales 7% higher post 66% May pandemic spike

Following a 66 per cent spike in daily online sales in May, when most ...

Pic: Shutterstock

Retail | On 28th Sep 2020

'Many failings' in Boohoo’s Leicester supply chain: review

An independent review launched by Boohoo in July has “has identified...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Textile Industry, Head honchos

Textile Industry
Head honchos

Indian apparel industry looks poised for slow death

Top executives, Textile industry

Top executives
Textile industry

Denimsandjeans India 2018

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Alessandro Marengo,

Alessandro Marengo

Founded in 1974, Italian firm Zaitex SpA is one of the leading suppliers...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search