NEW DELHI: Supported by competitive and cutting-edge technology, the Micro, Small, and Medium Enterprises (MSME) will be the foundation for bigger industries in India, Union Minister Jitendra Singh said on Thursday.
“New business enterprises are heavily dependent on scientific technology and for the industry and also the big and small enterprises to realize their optimum utilization in contemporary India, not only scientific applications, but also scientific temper and scientific attitude will be essential for success,” he said in his keynote address at the 7th India International MSME Expo Summits 2021 here, according to an official statement.
He also asked the scientific community to share successful R&D outcomes with the industries and corporate houses.
Noting that MSME Ministry has set a target to enhance its contribution to GDP up to 50 percent by 2025 as India becomes a $5 trillion economy, he said: “With around 36.1 million units, MSMEs contribute around 6.11 percent of the manufacturing GDP and 24.63 percent of the GDP from service activities. Moreover, it is the second-largest employment generating sector after agriculture as it provides employment to around 120 million persons in India.”
With low investment requirements, operational flexibility, and the capacity to develop appropriate indigenous technology, small and medium enterprises have the power to propel India to new heights, he said.
Referring to the huge unexplored business opportunities in the bamboo sector, the Minister said that Prime Minister Narendra Modi’s decision to exempt home-grown bamboo from the purview of the Indian Forest Act has helped in bringing ease of doing business in the sector for the young entrepreneurs.
He said that the increase in import duty on bamboo sticks/agarbatti from 10 percent to 25 percent, has given a huge boost to domestic Agarbatti manufacturing as nearly 5-6,000 crore Agarbattis were imported every year from countries like South Korea, Vietnam, and China. “But there has been no import of raw batti since September 2019 and local bamboo produce is being used for this,” he added.
The Minister said many agri start-ups, through suitable use of science and technology, are not only providing lucrative livelihood for themselves but also for their peers. On the call given by Modi for doubling the farmer’s income by 2022, he said that the Focus of agricultural and allied sectors, and researchers “should be on productivity rather than production”.
Reference: https://economictimes.indiatimes.com/small-biz/sme-sector/msme-can-be-foundation-for-bigger-industries-jitendra-singh/articleshow/85477195.cms
