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MSMEs Have a Big Role to Play in Attaining $5 Trillion Economy Target: Nitin Gadkari

Chander Mohan
Chander Mohan

“MSME plays a big role in the development of the nation. It contributed 29% to the growth of the country and 48% to country’s exports. Village industries contributed Rs 75,000 crore to the Indian economy last year and it is anticipated that this figure may go upto Rs one lakh crore this year. Our target is to raise the SME sector’s contribution to country’s growth to 50 percent in the next 5 years so that we can achieve our target of making India a $5 trillion economy”, said  Nitin  Gadkari,  Union Minister, Ministry of MSME at the Seventh Edition of MSMEs Excellence Awards & Summit “MSMEs – Growth Engine of India’s Economy” organized by ASSOCHAM to acknowledge the great contributions made by MSMEs to various sectors of the economy. 

Addressing the distinguished gathering, Hon’ble Minister of State, Ministry of MSME, Pratap Chandra Sarangi, said, “SME sector’s contribution to GDP and exports need to go much higher for the up-liftment of masses. For the nation to grow as a whole, we need to research, manufacture and develop in India. Government is supporting and promoting MSMEs through initiatives to enhance ease of doing business, give them access to market etc. but these efforts need to be expanded given the vastness of this great country.” 

Silver awards were given by Sarangi to Ms Sonal Jindal, Managing Partner of M/s Medusa Source and Professor D Jothi, Proprietor of M/s Bagavathi Bio Tech Chemical Company along with others presented on the occasion. Prof. Jothi also spoke to Krishi Jagran about the Organic Material that the company is producing for the textiles. For further information, you may visit our YouTube Channel. 

ASSOCHAM started its Endeavour of value creation for Indian industry in the year 1920. It was established by promoter Chambers, representing all regions of the country. Having in its fold over 400 Chambers & Trade Associations & serving more than 4.5 lakh members across India. It has emerged as the fountainhead of Knowledge for Indian industry that is all set to redefine the dynamics of growth & development in the Knowledge Based Economy.

Talking about the support MSME sector need from the government, Deepak Sood, Secretary General, ASSOCHAM said, “MSMEs will play the most crucial role in making India a 5 trillion economy and this requires ramping up of SME ecosystem in the country and in turn improves the country’s global competitiveness.”  

He further said “It is significant to building upon the digital literacy in MSMEs to ensure that they make optimal use of the technology enabled platforms. With their inherent capabilities to grow, the digital ecosystem could be a suitable solution to help genuinely realise the potential of the sector.” 

Anil Agarwal, Past President, ASSOCHAM & President Cosmos Group advocated strengthening bilateral trade links between the two countries by exploring new trade and commerce avenues. “MSME sector enormously contributes to the socio-economic development of the country and reduces income disparity. It is time for the SME sector to raise contribution to the GDP to 50% and make concerted efforts to create 5 crore more jobs in the next 5 years. I am sure today’s deliberations will bring more clarity on issues and challenges faced by the sector. 

The key highlight of the event was ASSOCHAM’s MSME Excellence Award - 2019 under the MSME of the Year, Start-up of the Year, Innovation, Women Entrepreneur, Most Promising Brand, Green Business, Fair Business Practices, CSR Activities and Cost Competitiveness category. Awards were also conferred to Banks and NBFCs under the Best MSME Bank, Best SME Lending, Micro Lending, Best SME Offering and Excellent Service Category. The winners for these awards were chosen by distinguished panel of jury which included eminent personalities from various Ministries, NSIC, Funding Agencies, Credit Rang Agencies, Consulting Firms, Corporate Houses, NGOs etc. These awards were presented by Gadkari.

The other key highlight of the event was release of “Knowledge Paper” together by the ASSOCHAM with CRISIL Research highlighting the “MSME’s: Growth Engine of India’s Economy”.

The day-long event included sessions on ‘Challenges & Opportunities for Indian MSMEs’ and ‘Leveraging Technology for MSMEs growth’. These sessions were attended by senior government officials, industry stalwarts, NGOs and representatives of various industry associations.

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