The Union Minister for Micro, Small and Medium Enterprise (MSME) Nitin Gadkari said that the sector plays a huge role in generating employment in the country and to make it accessible to the world, a platform like Alibaba or Amazon should be made.
While addressing the International SME convention, Nitin Gadkari said, “We are going to open a new website, the name of it would be Bank of ideas, innovation, and research, which will be open for suggestion from the sector”.
“So, anyone in the world can have access over their products, he added. Presently, MSME contributes 29 percent of India’s GDP and about 50 percent of country export GDP,” he added.
He added that India’s current government dream to become USD 5 trillion economy can only be achieved through the help of the MSME sector appropriate policy.
The sector is also set to increase to 15 crores from around 11.10 crores.
He further talked about the need for research and innovation in the MSME sector and said collaborating with global entities will bring in the latest technology in the sector.
During the convention, Gadkari also awarded selected 100 Small and medium-sized enterprises (SMEs) from 34,011 nominations.
In Rajya Sabha earlier, Gadkari had said that the ministry aims to increase the number of MSMEs in the country through various schemes and programs.
Gadkari said that “About 5.45 lakh micro enterprises have been assisted with a margin money subsidy of Rs 12,074.04 crore, providing employment opportunities to an estimated 45.22 lakh persons since the Prime Minister’s Employment Generation Programme (PMEGP) inception and till March this year.”