With global recession looming, MSMEs can shield Indian economy: Narayan Rane
Emphasising how India’s G20 Presidency year is crucial for the industry and all stakeholders associated with the MSME sector, Union Minister for MSME Narayan Rane said that India must strive hard for self-reliance. With global recession looming around major world economies, the minister stated that India can shield itself by strengthening the MSME sector. “Nations like Britain and many others are facing an acute financial crisis. We must aim that India does not experience any financial crisis and citizens must not suffer. Everyone’s contribution towards this objective would be crucial,” he said.
Delving more on the contribution of MSMEs in the country, Rane said the sector can play a big role in increasing exports from India. “MSMEs contribute 49% to the country’s exports. The sector can contribute greatly towards reducing imports and enhancing exports. We must look at making in India more actively so that there is no need to import such products from outside the country,” he highlighted. The minister added that the future of any business is highly dependent on innovation. “It is pertinent to focus on building innovative technologies and capacities of our MSMEs,” he stated.
Elaborating on MSMEs being the driving engine of the economic growth of the country, Rane said that the sector not only generates employment but also strengthens the socio-economic growth of the Indian economy. “30% contribution to the GDP is by the MSME sector. Atmanirbharta can only be achieved with the MSMEs leading from the front,” he said.
Source: Economic Times