Hyderabad:Union coal minister G. Kishan Reddy on Saturday said micro, small and medium enterprises (MSMEs) were not just small industries but also strong pillars of the country’s industrial sector. He said they would play a key role in job creation and in building a developed India by 2047.
Speaking at the ‘Laghu Udyog Bharati-South India Conclave’ here, Kishan Reddy said the country’s development was possible only when MSMEs grew in villages, towns and industrial areas. He said MSMEs contributed 32 per cent to the country’s GDP, 36 per cent to manufacturing output and 49 per cent to exports. Nearly 9.80 crore MSMEs were registered on the Udyam platform till recently. They provided employment to more than 40 crore people. Women owned 37 per cent of these enterprises.
He said access to timely finance remained a major challenge for MSMEs. He said the Centre was working to provide long-term equity capital to units with strong growth potential. This would help them improve technology, expand production and increase exports.
Kishan Reddy said the Centre, under Prime Minister Narendra Modi, was supporting MSMEs and start-ups through faster approvals, financial assistance, tax relief and ease of doing business. He said schemes such as the Credit Guarantee Fund, PM Vishwakarma, MUDRA and PM Employment Guarantee Scheme were helping small businesses access loans and markets.
He said India had become a major mobile phone manufacturing hub, with even iPhones being produced in the country. He said the country was recording strong GDP growth despite global economic challenges.
He alleged that some Opposition leaders were damaging the country’s image abroad by calling the Indian economy “dead.” He said such statements could discourage investors and affect employment opportunities for youth. Kishan Reddy said the Centre would continue to extend all necessary support for the growth of MSMEs. He urged entrepreneurs to adopt new technologies and compete globally.
Kishan Reddy said South India was a major centre for manufacturing and innovation. He said sectors such as automobiles, textiles, electronics, aerospace, engineering, pharma, defence and marine products would strengthen the country’s industrial value chain.
Reddy stated that the MSMEs were engaged in engineering, pharmaceuticals, textiles, food processing, handicrafts, digital services and electronics. He said they also helped reduce dependence on imports by strengthening local supply chains.
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