Govt aiming at upscaling MSME sector contribution in GDP
Addressing the inaugural session of three day TiE Global Summit 2020 (TGS) which is considered to be world’s largest virtual entrepreneurial summit, Union Minister of Road Transport Nitin Gadkari emphasised upon the government’s aim is to increase the sector’s contribution to the GDP to 50 per cent from the existing 30 per cent.
The contribution of Micro, Small and Medium Enterprises (MSME) sector in total exports from India amounts to about 48 per cent and creates almost 11 crore jobs which makes it the mainstay of economy, the government is pushing to scale it up to 60 per cent in future.
“Currently industries centred in rural areas such as handlooms, handicrafts, Khadi Gram Udyog are generating the revenue of Rs 80 thousand crore which needs to be taken up to 5 lakh crore in coming years,” informed the Minister.
He also urged industrialists to invest in India, as the govt is constantly strengthening the infrastructure with excellent network of roads, abundantly available power and water and reformed labour laws.
