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Centre wants to increase MSME sector’s contribution to GDP up to 50 pc

By Ashish Mitra --
Thursday, 10 Dec, 2020

The government wants to increase the contribution of the MSME sector to the GDP (gross domestic product) to 50 per cent from the existing 30 per cent, said Union minister of road transport, Nitin Gadkari. He also said that the micro, small and medium enterprises (MSME) was the backbone of the Indian economy.

The minister was speaking at the inaugural session of the three-day TiE Global Summit (TGS) being held virtually. He said that the MSME sector currently constitutes 48 per cent of total exports from India and the government aims to take it to 60 per cent in future.

"MSME is the backbone of Indian economy...a total 30 per cent of the GDP in Indian economy is contributed by the MSME. Out of our total exports, 48 per cent is also from MSME. At the same time up till now MSME created 11 crore jobs. And that is one of the reasons why MSME is the backbone of the country," the minister averred.

"Now we have decided to make this 30 per cent contribution to GDP to 40 per cent and 48 per cent of the exports contribution to 60 per cent. And we want to create five crore jobs,” he added.

Centre wants to increase MSME sector’s contribution to GDP up to 50 pc.  The government wants to increase the contribution of the MSME sector to the GDP (gross domestic product) to 50 per cent from the existing 30 per cent, said Union minister of road transport, Nitin Gadkari. He also said that the micro, small and medium enterprises (MSME) was the backbone of the Indian economy.

The minister was speaking at the inaugural session of the three-day TiE Global Summit (TGS) being held virtually. He said that the MSME sector currently constitutes 48 per cent of total exports from India and the government aims to take it to 60 per cent in future.

"MSME is the backbone of Indian economy...a total 30 per cent of the GDP in Indian economy is contributed by the MSME. Out of our total exports, 48 per cent is also from MSME. At the same time up till now MSME created 11 crore jobs. And that is one of the reasons why MSME is the backbone of the country," the minister averred.

"Now we have decided to make this 30 per cent contribution to GDP to 40 per cent and 48 per cent of the exports contribution to 60 per cent. And we want to create five crore jobs,” he added.