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Saturday, October 16th, 2021

MSMEs constitute over 90% of total enterprises in most of the economies

INVC NEWS

New Delhi,

Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said that new business enterprises are heavily dependent on scientific technology and for the industry as well as big and small enterprises to realise their optimum utilisation in contemporary India, not only the scientific applications but also scientific temper and scientific attitude will be essential for the entrepreneurs to succeed.

Delivering the Keynote Address at the 7th India International MSME Expo Summits 2021 here, the Minister said, small and micro enterprises supported by competitive and cutting edge technology will be the foundation for bigger industries in India and asked the scientific community to share the successful R&D outcomes with the industries and corporate houses. He said, all future entrepreneurship will be driven by Science and Technology and called for adding new avenues and enterprises in tune with changing times.

Dr Jitendra Singh said, it gives him immense pleasure that MSME Ministry has set a target to enhance its contribution to GDP up to 50% by 2025 as India becomes a $5 trillion economy. He said, with around 36.1 million units, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities. Moreover, it is the second largest employment generating sector after agriculture as it provides employment to around 120 million persons in India.

Dr Jitendra Singh said, MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth. He said, with low investment requirements, operational flexibility and the capacity to develop appropriate indigenous technology, Small and Medium Enterprises have the power to propel India to new heights.

Referring to the huge unexplored business opportunities in Bamboo sector, Dr Jitendra Singh said, a path-breaking decision was taken by Prime Minister Narendra Modi to exempt home grown bamboo from the purview of the 100-year-old Indian Forest Act, which helped in bringing ease of doing business in the bamboo sector for the young entrepreneurs. He also pointed out that by increasing the import duty on bamboo sticks/ Agarbatti from 10% to 25%, the domestic Agarbatti manufacturing got a huge boost as nearly 5 to 6 thousand crores of Agarbatti was imported every year from countries like Korea, Vietnam and China. But, there has been no import of raw batti since September 2019 and local bamboo produce is being used for this, he added.

Dr Jitendra Singh reiterated that many Start-Up avenues of self-employment are more lucrative than government jobs and the need is only to change the mind-set which is inclined to prefer a small-time government job with a meagre salary instead of a self-employed Start Up initiative which could comparatively beget manifold returns from the beginning itself.

The Minister said, many Agri Start-Ups through suitable use of Science and Technology are not only providing lucrative livelihood for themselves but also for their peers. Referring to the clarion call given by Prime Minister Narendra Modi for doubling the farmer’s income by 2022, Dr Jitendra Singh said that the focus of agricultural and allied sectors, and researchers should be on productivity rather than production.

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