Technology upgrades for new export avenues
Minister for Road Transport and Highways Nitin Gadkari has called for an urgent need to look towards improving the presence of the MSME industry in the 115 identified aspirational districts of the country.
Their contribution to GDP is presently negligible, but if focused attention is drawn towards them, these can uplift the employment scene in a big way, he said at the ‘India@75 Summit: Mission 2022’ organised by the Confederation of Indian Industries on 8 August 2020.
The Minister informed that the government is working upon a scheme for the inclusion of smallest units under MSME ambit providing for their micro-financial requirements.
Recently, the MSME umbrella has been expanded and industry with investment value up to Rs.50 crore and turnover up to Rs.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 also 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 the top 10 business categories contributed about 70% to its export bill.
India can also look for new export avenues in the MSME sector by technological upgrades. This will help grow a large number of ancillary units, he added. #technologies #MSME #exports #manufacturing #services /fiinews.com
