New Delhi: Gujarat Chief Minister Bhupendra Patel on Thursday inaugurated Indo-American Chamber of Commerce's (IACC) Centre of Excellence for MSME in the city, an official release said.
The Centre, the first ever by IACC in India, aims to upgrade and strengthen Micro, Small and Medium Enterprises (MSMEs) to effectively cater to the export markets, said the release.
On the occasion, the Chief Minister termed MSME as the backbone of the economy. He stated that the MSME sector will play a crucial role in making India the third-largest economy during the third term of Prime Minister Narendra Modi.
The chief minister further noted initiatives like ease of doing business, supportive policies, and prompt clearances from the government have ensured that 19.80 lakh registered MSMEs are operational in Gujarat and employ nearly 1.07 crore people.
He added that it is a matter of pride that Gujarat, which comprises 5 percent of the country's land area, contributes 8.63 per cent to the GDP.
The chief minister expressed confidence that the IACC's 'Center of Excellence for MSME' will further strengthen industrial relations between India and the United States.
IACC, the bilateral chamber of commerce promoting trade between India and the US, has 14 offices across India and 38 partner organisations in the US. The chamber works closely with both to bolster bilateral trade, which reached USD 200 billion last year, said a release by IACC.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)