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Large enterprises contribute more to economic output as well as lead to SME growth, said Arvind Panagariya, Vice-Chairman, NITI Aayog, linking the two crucial arms of the manufacturing sector.
Speaking at the opening session of the Global SME Business Summit, organised by the Confederation of Indian Industry here on Monday, Panagariya said enterprises with less than 20 employees comprise 73 per cent of employment generation in the manufacturing sector. However, 88 per cent of manufacturing output was churned out by enterprises employing more than 20 workers. This clearly shows that growing enterprises contribute more to the economic output as well as lead to SME growth, he added.
Anup K Pujari, Secretary, Ministry of Medium, Small and Macro Enterprises (MSME), said the true victory of policy makers in the SME space would be to see these enterprises’ transition from small to large enterprises.
Patricia Hewitt, Chair, UK India Business Council, said the UK was working with the Indian government and some State governments to dismantle regulations.
Pushing for MSMEs to become tech savvy, Rajan Anandan, Vice-President and Managing Director, Google India, said the impact of internet on business growth and profitability was profound, adding that enterprises that had braced the Internet for business development were able generate a targeted revenue 50 per cent faster than those that hadn’t.
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