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Minister acknowledges MSMEs problems
Integrated efforts are required to develop a solid finance model to give the much-needed financial support to Micro, Small and Medium Enterprises (MSMEs) as the sector is the backbone of the Indian economy, said Minister Nitin Gadkari.
The MSMEs’ role is very important but presently they are facing many problems because of working capital, acknowledged Gadkari while addressing the valedictory function of the MSME finance week through video conferencing on 16 Dec 2020. It was hosted by Global Alliance for Mass Entrepreneurship.
As MSME Minister, Gadkari highlighted the importance of financial institutions’ role in setting up small industries in rural and tribal areas where working capital will be needed.
The MSME sector contributes 30% to the GDP but the mission is to take it up to 40%. The Government also wants to increase MSMEs’ contribution to exports from 48% to 60%. #MSMEs #investment #banking #exports #manufacturing /fiinews.com
