MSMEs hold the key to making India a $5 trillion economy: says Dr Jitendra Singh

Addressing a summit on the theme ‘Nurturing Innovation and Entrepreneurship: Paving the Path for Small Business Success’ in New Delhi, Dr Singh said, the Micro, Small and Medium Enterprises (MSMEs) are crucial to India’s economy as this sector comprises ancillary units, thereby contributing enormously to the overall industrial development of the country. These enterprises are engaged in the production, manufacturing and processing of goods and commodities.

Union Minister of State (Independent Charge) Science & Technology, Dr Jitendra Singh said that e-Commerce platforms can be important enablers for StartUps and MSMEs.

Addressing a summit on the theme ‘Nurturing Innovation and Entrepreneurship: Paving the Path for Small Business Success’ in New Delhi, Dr Singh said, the Micro, Small and Medium Enterprises (MSMEs) are crucial to India’s economy as this sector comprises ancillary units, thereby contributing enormously to the overall industrial development of the country. These enterprises are engaged in the production, manufacturing and processing of goods and commodities.

Minister said, “All this is eventually going to take us step forward in the direction of Ease of Doing Business, particularly for the MSMEs, which are the greatest stakeholders and the potential beneficiaries”.

The MSMEs constitute the backbone of India’s economy, contributing around 30% of India’s GDP, and creating employment opportunities for 11 crore Indians.

Dr Singh said as India emerges as one of the fastest growing innovation-led economies under the leadership of the Prime Minister Narendra Modi, the collaboration with the e-Commerce platforms has an important role to play as a bridge between the private and the public sector, the government and the industry, and “most importantly between the capacity resources and the MSMEs.”

Dr Singh said, MSMEs hold the key to making India a $5 trillion economy and enhancing our ‘Atmanirbhar Bharat’ vision.

He added that the government has created the right ecosystem for the Startups and MSMEs to flourish in diverse sectors ranging from AgriTech and Biotechnology to Oceanography and Space.

Minister highlighted that today we are the fifth largest economy in the world and we have jumped 40 places in the Global Innovation Index rankings to reach the 40th position. We have witnessed remarkable strides in areas such as Quantum Technology, Artificial Intelligence and other emerging areas of technology. India is already on the ascent and Technology, Innovation and Entrepreneurship are going to be the key determinants of the roadmap during the Amritkaal, the next 25 years when we celebrate 100 years of India’s Independence.