SME Times News Bureau | 09 Aug, 2020
Union MSME Minister Nitin Gadkari on Saturday
stressed the need of improving MSME footprint in 115 aspirational
Addressing India@75 Summit : Mission 2022 organised
by the Confederation of Indian Industries, Gadkari said, there is urgent need
to look towards improving presence of MSME industry in the 115 identified
aspirational districts of the country. Their contribution to GDP is presently
negligible, but if focused attention is drawn towards them, these can uplift
the employment scene in a big way.
The Minister informed that the government is
working upon a scheme for inclusion of smallest units under MSME ambit
providing for their micro financial requirements.
Recently, the MSME umbrella has been expanded and
industry with investment value upto Rs 50 crore and turnover upto Rs 250 crore
has been covered in the new definition of MSME. Also, the manufacturing and
service sectors under MSME have been brought together by giving similar
definitions to both.
Gadkari called upon the CII representatives to
share ideas and suggestions for improving the overall economic condition of the
He cited the example of China, where top 10
business categories contributed about 70 per cent to its export bill. He said,
by technology upgradation, India can also look for new export avenues in MSME
sector. This will help grow a large number of ancillary units, he said.
Gadkari also asked CII to draft a proposal for
insurance of roads which will remove requirement of Bank Guarantee (BG). This
will speed up financial closure of road projects and in raising finances,
thereby faster project completion.
He elaborated how road scenario was changing in the
country which would further immensely improve with proposed 22 new green