MSMEs contribute 30% to GDP, says Verma
The Government is working to make MSME sector stronger and more developed, as well as having these enterprises listed among the most important pillars of the Indian economy.
Giving this assurance, Bhanu Pratap Singh Verma, Minister of State for MSME, said, “We will also work to ensure that interrelationship between the MSME sector and other important pillars of the Indian economy are further strengthened as India grows.”
“MSMEs contribute around 30% to our GDP and have a share of 50% of the income generated from total exports,” Verma told the ‘Annual MSME Summit 2022 and MSME Ecosystem Awards’, organized by FICCI-CMSME on 5 Dec 2022.
The 6.3 crore MSMEs are providing 11 crore jobs in the country, he noted.
The Minister informed that the Government is taking continuous steps to strengthen Indian MSMEs and the PMEGP (Prime Minister’s Employment Generation Program), launched last financial year, was a step in this direction.
Under this scheme in the year 2021-22, a total of 1.03 new MSME units have been set up in the manufacturing and services sector.
The Government, Verma said, is also working to ensure that by taking advantage of the full potential of the MSMEs, their contribution to the Indian economy should double.
“For this, we will remove the external barriers and provide strength to MSMEs in order to make India self-reliant.
“We are also working to develop the culture of becoming entrepreneurs among the youth, provide loans to MSMEs, improve their quality and increasing their competitiveness to increase their efficiency,” he said.
The MSME Ministry is setting up various technology centers across the country to support and strengthen the existing and new MSMEs.
Apart from this, the government is also working with other organizations to help the MSMEs under the ‘ZED’ certification scheme (providing technology upgradation and quality certification), ASPIRE scheme to promote quality and innovation, Design Clinic, etc.
“The government has also launched Champion portal which will provide all solutions at one place, and we will further promote the portal to make MSMEs more competitive. Through these schemes, we hope MSMEs will become more sustainable,” he said. fiinews.com
