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Government Plans to Increase MSME Contribution to 50 Per cent in the Economy

The MSME contribution presently stands at 30 per cent in India’s economy, which is aimed to increase to 50 per cent
BY BEx Bureau
BusinessEx
Sep 09, 2020

The Indian government is planning to enhance the count of MSMEs in the offing. In the virtual meet on the release of AatmaNirbhar Bharat ARISE Atal New India Challenges, Nitin Gadkari, Union Minister for Road Transport Highways and MSME, said that the MSME sector is growth engine of India. The MSME contribution presently stands at 30 per cent in the country's economy, which is aimed to increase to 50 per cent. The government also plans to increase the MSME contribution in export from 48 per cent to 60 per cent in the coming time.

Gadkari said that 11 crore jobs have been created so far and an additional 5 crore jobs will be created in the next five years. He also praised NITI Aayog for its initiative and indicated that it can solve problems emerging in AatmNirbhar Bharat as the body has close coordination with every department.

Gadkari gave a few suggestions to lessen problems in AatmNirbhar Bharat scheme. He said that the government has put restrictions to create funds for rural India, rural and agriculture economy, tribal sector, and agriculture, culture, and tribal sector, and aspiring 115 districts in the budget. Resources allocated in these niches should be compared with their performance respectively as only then resources can be used in a better way.

Therefore, emphasis on proper utilisation of the funds was put by the minister.

Gadkari suggested that there is a need to create digitalised management system to take any decision within 15-20 days.

Besides this, he also requested Niti Aayog to scrutinise the MSME system created by the central government and state government.







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