NEW DELHI: India approached the primary wave of the pandemic with nice resilience and offered robust development projections, Union Minister Nitin Gadkari mentioned on Thursday, assured that the MSME sector will combat the second wave with the identical conviction and can lead India to a development trajectory.
Gadkari added that with the worldwide provide chain present process important restructuring and with nations trying to diversify their provide outdoors of China, Indian MSMEs have a superb alternative to be built-in into the worldwide provide chain.
“As a rustic, we fought the primary wave of COVID-19 with nice resilience and got here out with robust development projections.
“And I’m assured within the capacity of the trade and the MSME sector to combat the continuing wave with comparable conviction and lead India on a constructive development path,” he mentioned.
Gadkari, who owns the MSME portfolio with roads, transport and highways, was virtually addressing an occasion hosted by Amazon India.
He additionally pressured that the adoption of know-how coupled with sufficient enter and upkeep of high quality will outline the long-term success of this trade.
“MSMEs are the expansion engine of the Indian financial system … COVID-19 has posed very critical challenges to our MSME sector, however I’m proud to say that our MSMEs have been in a position to adapt to altering circumstances and in the end assist India return to a development path, “he mentioned.
The Union Minister famous that over time it has turn out to be more and more clear that know-how will probably be a really vital consider defining the success and competitiveness of Indian MSMEs each nationally and globally within the coming days. .
“We have to make sure that the digital transformation of the MSME sector in India takes place, which permits them to capitalize on India’s present alternative,” Gadkari mentioned, including that on the identical time there was additionally a have to concentrate on constructing their capacities.
Noting that e-commerce has enabled small and marginal sellers to develop their attain not solely nationally but additionally globally, he mentioned “digitizing thousands and thousands of MSMEs ought to be the highest precedence”.
The Union Minister identified that the federal government had modified the definition of MSMEs in a means that might give the trade an enormous enhance.
In keeping with Gadkari, the MSME sector has created greater than 11 crore of jobs, contributing to a 3rd of the nation’s GDP and about half of its exports.