Friday, September 30, 2022

Gadkari inaugurates 16th Global SME Business Summit

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New Delhi: Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari inaugurated the 16th Global SME Business Summit 2019 in New Delhi on Tuesday. The Summit is organized every year by the Ministry of MSME and Confederation of Indian Industries (CII). The theme for this year is ‘Making Indian MSMEs Globally Competitive.’

Calling for domestic and foreign investment and collaboration in the sector, Gadkari said that the MSME sector in India has tremendous potential to push growth and generate employment. He said the government’s priority is for integrated development of the rural and agro-based enterprises along with the urban-based enterprises.  Opportunities abound in development of honey, bamboo, textiles, bio-fuels, water transport, fisheries, dairy, food processing in the rural areas and ancillary units of defence, railways, highways, waterways and other industries in the urban areas, he said and appealed to investors to come forward for investment and collaboration.

Gadkari stressed that the government’s target is to increase MSME’s present share of 29 percent of GDP to 50 percent in the next five years and raise its export contribution from 49 percent to  60 percent .
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To achieve these targets logistics, power and capital cost will need to be reduced.

For cheaper capital, the Ministry is in talks with ADB, KfW and World Bank for their credit line. 200 SMEs are registered on the stock exchange, and the Minister is urging more companies to register. The problem of delayed payments to MSMEs is also being looked into and Gadkari said the UK Sinha Committee Report will soon be implemented.

For lowering the cost of power and logistics the Minister pointed to the necessity of energy audits and energy-efficient technologies. He said rooftop solar plants will be provided to MSMEs with KfW support. He also said that the use of water transport can reduce logistic cost.

The Global SME Business Summit was attended by more than 500 delegates from more than 15 countries.

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