Minister calls for R&D in MSMEs

Micro Small and Medium Enterprises (MSME) Minister Nitin Gadkari wants to raise the MSME sector’s contribution to GDP to 50% from the present 29% and employment for at least 15 crore people, up from 11.1 crore at present.

Emphasizing the Government’s commitment for creating an enabling environment for the sector’s growth, Gadkari said there is an urgent need to encourage research and innovation in the sector, collaborate with global entities to bring in the latest technology and best practices and also promote marketing.

He has proposed creating a new website where people can post new ideas, suggestions and innovations. This will help develop a bank of innovation and ideas where all stake holders can share their suggestions, technologies etc.

The Minister also said there are plans to develop a portal for creating a marketplace like Alibaba where all stakeholders can find the demand and supply inputs.

Gadkari has laid emphasis on the need to diversify in new MSME potential sectors especially in the rural and agricultural sectors.

He was speaking at the MSME Day 2019 celebrations and the second International SME Convention in New Delhi on 27 June 2019.

He said the International SME convention can play a crucial role as it is a great platform for discussing and sharing the best practices for enterprise development. fiinews.com