: With Tech support MSMEs can be foundation for big industries: Jitendra Singh #FinanceIndia #StockMarketNEWS With Tech support MSMEs can be foundation for big industries: Jitendra Singh New Delhi,

@StockMarketNEWS Fri 20 Aug, 2021

Posted in: #FinanceIndia #StockMarketNEWS

With Tech support MSMEs can be foundation for big industries: Jitendra Singh #FinanceIndia #StockMarketNEWS
With Tech support MSMEs can be foundation for big industries: Jitendra Singh New Delhi, Aug 20 (KNN) Micro, Small and Medium Enterprises (MSMEs) supported by competitive and cutting edge technology will be the foundation for bigger industries, Union Minister Jitendra Singh said on Thursday.

New business enterprises are heavily dependent on scientific technology and for the industry as well as big and small enterprises to realise their optimum utilisation in contemporary India, not only the scientific applications but also scientific temper and scientific attitude will be essential for the entrepreneurs to succeed, he said while delivering the keynote address at the 7th India International MSME Expo Summits 2021 here, on Thursday.

He also asked the scientific community to share the successful R&D outcomes with the industries and corporate houses.

All future entrepreneurship will be driven by Science and Technology and call for adding new avenues and enterprises in tune with changing times, he added.

He said that it gives him immense pleasure that the MSME Ministry has set a target to enhance its contribution to GDP up to 50 per cent by 2025 as India becomes a 5 trillion dollars economy.

With around 36. 1 million units, MSMEs contribute around 6. 11 per cent of the manufacturing GDP and 24. 63 per cent of the GDP from service activities. Moreover, it is the second largest employment generating sector after agriculture as it provides employment to around 120 million persons in India, he added.

Singh further said, MSMEs constitute over 90 per cent of total enterprises in most of the economies and are credited with generating the highest rates of employment growth.

With low investment requirements, operational flexibility and the capacity to develop appropriate indigenous technology, Small and Medium Enterprises have the power to propel India to new heights, he said.

Referring to the huge unexplored business opportunities in Bamboo sector, Singh said, a path-breaking decision was taken by Prime Minister Narendra Modi to exempt home grown bamboo from the purview of the 100-year-old Indian Forest Act, which helped in bringing ease of doing business in the bamboo sector for the young entrepreneurs.

He also pointed out that by increasing the import duty on bamboo sticks/ Agarbatti from 10 per cent to 25 per cent, the domestic Agarbatti manufacturing got a huge boost as nearly 5 to 6 thousand crores of Agarbatti was imported every year from countries like Korea, Vietnam and China.

But, there has been no import of raw batti since September 2019 and local bamboo produce is being used for this, he added.

He also that reiterated that many Start-Up avenues of self-employment are more lucrative than government jobs and the need is only to change the mind-set which is inclined to prefer a small-time government job with a meagre salary instead of a self-employed Start Up initiative which could comparatively beget manifold returns from the beginning itself.