"MSME sector to play a major role in making India a 5 trillion economy: Minister"

Lucknow The Micro, Small and Medium Enterprises (MSME) sector was all set to play a major role in making India a 5 trillion dollar economy, said union MSME minister Bhanu Pratap Singh Verma here on Tuesday. He was addressing a session - Making Indian MSMEs Globally Competitive through Trade, Finance & Investment Facilitation - on the second day of the Uttar Pradesh MSME Convention 2022.

The minister said, “The center is committed to developing a better system of redressal and debt facilities.”

He said the MSME sector had become a new engine of growth in the country and through innovation, it would be more competitive. “The exports from the MSME sector are continuously increasing, with its contribution to the country’s exports now touching almost 50 percent,” he said.

He said, “MSME accounts for about 30 percent of the country’s GDP. The industry must focus on adopting new-age technology, including digitizing systems.”

Read more at Hindustan Times