India’s MSME sector contributes 30% to GDP and nearly 50 % to exports: Union Minister Narayan Rane
27-06-2023: Micro, Small, and Medium Enterprises (MSME) Minister Narayan Rane expressed the importance of bolstering the MSME sector in India to propel the country’s economy and make it the third-largest in the world. The minister highlighted the need to leverage modern technologies to enhance production in MSME industries.
Speaking on International MSME Day at the Udyami Bharat-MSME Day event in New Delhi, Minister Rane emphasized the significant contribution of the MSME sector to India’s economy. He stated that the sector currently accounts for 30 percent of the country’s GDP and approximately 50 percent of its exports.
To further support the growth and development of MSMEs, the minister unveiled several initiatives during the event. These initiatives include the launch of the CHAMPIONS 2.0 Portal, MSME Idea Hackathon 3.0 for Women Entrepreneurs, and a Mobile App for Geo-tagging of Cluster Projects and Technology Centers.
The CHAMPIONS 2.0 Portal serves as a dedicated platform for expedited and efficient resolution of grievances faced by MSMEs. It offers guidance and advisory services across various aspects crucial to MSME operations, such as finance, marketing, technology, raw materials, labor, infrastructure, and capacity building.
In addition to the portal launch, multiple Memorandums of Understanding (MoUs) were signed during the event. These MoUs involved collaborations between the Ministry of MSME, Government e-Marketplace (GeM), the Tripura Government, and the Small Industries Development Bank of India (SIDBI). Such collaborations aim to foster synergies and create an enabling environment for the growth of MSMEs.
By prioritizing the MSME sector and implementing these initiatives, the government aims to unleash the potential of small and medium enterprises, encourage entrepreneurship, and drive economic growth. Advanced technologies, combined with the government’s support and guidance, are expected to enhance productivity and competitiveness within the MSME sector.
Furthermore, the focus on empowering women entrepreneurs through the MSME Idea Hackathon 3.0 demonstrates a commitment to inclusivity and gender equality in economic development. The event provides a platform for women entrepreneurs to showcase their innovative ideas and contribute to the growth of the MSME ecosystem.
