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MSME plays key role in becoming $5 trillion economy, says Union minister

He said earlier Indian companies used to export material and import finished goods due to lack of technology availability

Press Trust of India  |  Hyderabad 

The $36-billion textile export sector, the third-largest foreign exchange earner for India, clocked only 0.75% growth in 2017-18, after a contraction in the past two years
Representative Image

Union Minister Pratap Chandra Sarangi on Thursday said the sector plays a crucial role in achieving the Centre's target of making the country a $ 5 trillion economy.

Speaking at the presentation of the Achievers Award 2019 atthe National Institute for Micro Small and Medium Enterprises here, the Minister of State for Micro, Small and Medium Enterprises said the sector is the largest employment generator after agriculture in the country.

He said earlier Indian companies used to export material and import finished goods due to lack of technology availability.

Though it enhanced the trade, the model did not help generate jobs in the country.

However, after industrialisation, the situation, the country witnessed ample employment generation.

Meanwhile, the Minister of state for Home Affairs G Kishan Reddy said the sector is the backbone of Indian economy and the Prime Minister, Narendra Modi is the reason behind Skill India as his contributions towards the sector are immense.

Reddy was the chief guest at the valedictory function of Phase I of International Executive Development Programme, 2019-20 was held on Thursday at the National Institute for Micro Small and Medium Enterprises (NIMSME) here.

As many as 70 International Delegates from 28 countries derived the benefit of Indian MSME experience in the past 6 week intensive training at the programme.

First Published: Thu, November 14 2019. 20:15 IST
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