Central govt aims to build MSME sector contribution to GDP up to 50%

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 Micro, Small and Medium Enterprises (MSME) is backbone of Indian economy, Union Minister of Road Transport Nitin Gadkari said the public authority's point is to expand the sector contribution to the GDP to 50 percent from the existing 30%. Speaking at the inaugural meeting of the three-day TiE Global Summit (TGS)being held virtually, Gadkari said the MSME sector presently constitutes 48 percent of absolute fares from India and the public authority intends to take it to 60 percent in future. 

A complete 30% of the GDP in Indian economy is contributed by the MSME. Out of our complete fares, 48 percent is likewise from MSME. Simultaneously up till now MSME made 11 crore jobs. Also, that is one reason why MSME is the foundation of the nation," he said. Presently we have chosen to make this 30% contribution to GDP to 40 percent and 48 percent of the fares contribution to 60 percent. Also, we need to make five crore jobs, he added. 

Gadkari said at present village industries , for example, handlooms, handicrafts, Khadi Gram Udyog are creating Rs 80 thousand crore revenues which should be taken up to Rs five lakh crore in the following few years. 

Requesting industrialists to invest in India, the union minister said that the nation presently has a great organization of streets, bounteously accessible force and water and improved work and other managerial laws. He said his service was intending to take up 22 new green roadway street extends the nation over. Gadkari said the sector observes Rs 4.5 lakh crore turnover every year and the nation can turn into a worldwide center for automobiles manufacturing.

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