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There is an urgent need to look towards improving presence of Micro, Small and Medium Enterprises (MSMEs) industry in the 115 identified aspirational districts of the country, said Minister of MSME, Nitin Gadkari, here on Saturday.
During ‘India@ 75 Summit: Mission 2022’ organised by Confederation of Indian Industries, Gadkari said, “Their contribution of these MSMEs to GDP is presently negligible, but if focused attention is drawn towards them, these can uplift the employment scene in a big way”.
The Government is working upon a scheme for inclusion of smallest units under MSME ambit providing for their micro financial requirements, he added.
Recently, the MSME umbrella has been expanded and industry with investment value upto ₹50 crore and turnover upto ₹250 crore has been covered in the new definition of MSME. Also, the manufacturing and service sectors under MSME have been brought together by giving similar definitions to both.
“By technology upgradation, India can also look for new export avenues in MSME sector. This will help grow a large number of ancillary units,” said Gadkari.
Meanwhile, Gadkari also asked CII to draft a proposal for insurance of roads which will remove requirement of Bank Guarantee.
“This will speed up financial closure of road projects and in raising finances, thereby faster project completion. He elaborated how road scenario was changing in the country which would further immensely improve with proposed 22 new green expressway projects,” he added.
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