Terming the scheduled launch of a MSME support programme by Prime Minister Narendra Modi on Friday as the much needed step to boost the confidence of trade and industry, ASSOCHAM president, B.K. Goenka has said that the move would not only promote development of micro, small and medium enterprises (MSME) sector but also help generate employment countrywide. Highlighting the importance of the MSME sector, Goenka also said that it is the backbone of Indian economy as it contributes about 30% of India's gross domestic product (GDP) and 49% of exports.
He added that, the launch of MSME support and outreach is a much needed step by government to promote the MSMEs in niche segments by providing timely, easy and adequate finance for sustainable growth and employment generation. Goenka also said that the government's initiative would provide the MSME sector with easy access to credit, access to market, hand-holding along with facilitation support.
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