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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)


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