MSME minister expresses commitment to raise MSME's contribution to GDP to 50%

Inaugurates MSME Day 2019 celebrations and second International SME Convention in New Delhi

Nitin Gadkari, Union Minister for Micro Small and Medium Enterprises (MSME) and Road Transport & Highways, inaugurated the MSME Day 2019 celebrations and the second International SME Convention in New Delhi today. Speaking on the occasion he said that Prime Minister Narendra Modi's dream of making India a 5 Trillion Dollar economy can only be fulfilled by ensuring the growth of the MSME sector in the county. He said that in the coming years it will be his endeavour to raise the contribution of MSME sector to the country's GDP to 50 percent from the present 29 percent, and ensure that it gave employment to at least 15 Crore people against the 11.1 Crore at present.

Emphasizing the Government's committment towards creating an enabling environment for the growth of the sector, Nitin Gadkari said there is an urgent need to encourage research and innovation in the sector, collaborate with global entities to bring in the latest technology and best practices and also promote marketing. For this he has proposed creating a new website where people can post new ideas, suggestions and innovations. This will help develop a bank of innovation and ideas where all stake holders can share their suggestions, technologies etc.

Minister also said there are plans to develop a portal for creating a market place like Alibaba where all stakeholders can find the demand and supply inputs.

Nitin Gadkari lay emphasis on the need to diversify in new MSME potential sectors especially in the rural and agricultural sectors. He said the International SME convention can play a crucial role as it is a great platform for discussing and sharing the best practices for enterprise development.

Also speaking on the occasion Pratap Chandra Sarangi, MoS MSME and Animal Husbandry, Dairy and Fisheries said that it is very heartening to note that so many Indians are now involved in their own enterprises and are in positions to provide employment to people. He said that the MSME sector has immense potential as a driver for economic growth and employment generation in the country.

Speaking earlier Secretary MSME Arun Kumar Panda said the MSME sector is the backbone of the country's economy. He said the sector is changing very fast . With the coming of GST, many micro and small enterprises have come into the fold of the firmal economy, which is a very good sign.

The Minister also gave away awards to 100 SMEs selected by a jury from among 34011 nominations from across India are also being felicitated under the aegis of the 6th Annual India SME 100 Awards

The convention is being organized to mark the International MSME Day today. It is also the second edition of the International SME Convention, first held in April last year. The Ministry of MSME is organizing this convention in association with India SME Forum. The objectives of the Convention are

* To boost the international competitiveness of the Indian MSMEs by making them aware of global trends and practices and standards in export financing, along with experience sharing by successful exporters.

* Provide the MSMEs a platform to understand the opportunities in the international market and encourage them to evaluate options and opportunities of international trade.

* Disseminate information on global market demand, ease of export financing for exports; and developing strategies to penetrate new markets.

1200 selected entrepreneurs from India are participating in the convention. 175 participants from 44 countries and ambassadors from 15 European, African and Latin American countries are attending the convention. Countries participating include Bahrain, Maldives, Italy, Hungary, Austria, San Marino, Sri Lanka , USA, Portugal, Tunisia, El Salvador, Sudan, UAE, Zimbabwe , Gabon , Peru, Panama, Guatemala , Iran, Argentina , Canada, Bhutan, Malawi, New Zealand, Fiji, Spain , Colombia, Uzbekistan, Ukraine, Senegal , Saudi Arabia , Rwanda .

Focus Sectors for B2B Meetings to be held as part of the convention include Agribusiness, Agricultural Implements, Machinery and Food Processing , Industrial, Mechanical & Electrical Engineering, Machinery, Tools & Equipment , Transportation & Automotive, Clean Tech including waste, water, renewable energy, Pharmaceuticals & Biotechnology , Wellness & Healthcare, Fast Moving Consumer Goods, Apparel, Garments, Textiles, Furnishing & Leather , Consumer & Industrial Electronics, Design and Manufacturing , Infrastructure & Construction , Tourism & Hospitality , Logistics, Aviation & Shipping , Information & Communication Technology & Business Process Management , Creative Services Industry including Media, Publishing, Entertainment and other Services.

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