Vision is to increase MSMEs contribution to GDP to 50%: Nitin Gadkari – The Economic Times

Nitin Gadkari added that for successful practices and new research, it is necessary that Indian entrepreneurs understand the successful technologies in the world.

Union Minister for MSME Nitin Gadkari said that his vision is to increase MSMEs contribution to India’s GDP to over 50% from the current 29% and that for the Indian economy to scale the $5 trillion mark, the cooperation of the MSME sector will be crucial.

Exports’ contribution which currently stands at 50% from the sector will be increased to 75% while employment generation will extend to 15 crore people from the MSME segment as against 11.10 crore at present. “We have to think big. It is time for India to make landmark in the history of MSMEs,” Gadkari said.

Unveiling plans of soon opening a new website – Bank of Ideas, Innovation and Research – the minister highlighted that a team would be in place to analyse the suggestions that would come in.

Speaking on the sidelines of an international convention to observe the International MSME Day in the capital, the minister added that for successful practices and new research, it is necessary that Indian entrepreneurs understand the successful technologies in the world.

The second edition of the International SME Convention will be held over the course of two days from 28th-29th June. Organised by the MSME ministry, the convention hopes to offer a platform to MSMEs to leverage on the plethora of opportunities in international markets. 1200 selected entrepreneurs from India are expected to take part in the convention in this edition. 175 delegates from 44 countries as well as ambassadors will attend the convention this year.