MSME Holds Most Important Key for India's Economic Growth Story: Nitin Gadkari

Union Minister for Micro, Small and Medium Enterprise (MSME) has said that the role of MSMEs in making India a USD 5 trillion economy is very important.

''India is the fastest growing economy and at the same time our Prime Minister's Vision of making India a USD 5 trillion economy and the role of MSMEs is equally important,'' the Minister said on Thursday while speaking at the curtain raiser for Indian Manufacturing Show (IMS) 2020.

The Minister also informed that at present MSME contributing 29 per cent in country's Gross Domestic Product (GDP) and now our target is to take it to 50 per cent and i.e. why were are concentrating on the MSMEs.

Apart from MSME's, small industries are kept in view for the same like agriculture, rural areas where we want to give highest priority and at the same time we want to create more jobs.

''We want to take the contribution of MSME sector to the GDP to 50 per cent from 29 per cent and subsequently we are concentrating on the same. We are also focusing on the small industries like agriculture and rural areas on a high priority basis,'' Gadkari said.

The Minister also spoke on poverty and unemployment and termed it as big challenge for the country and to get rid of these problems more industries need to set up in the country with different technology.

''Both poverty and unemployment is a big challenge for the country and to eradicate these problems we need to increase more employment potential, more growth rate, and at the same time we need to develop different technologies as well we need to setup industries across the country,'' the Minister suggested.

''As far as the MSME is concerned we have a lot of new technologies and new innovations are available,'' he added.