Indian govt working hard to make MSME sector stronger

The micro-small and medium enterprises (MSME) are among the most important pillars of the Indian economy and the government is working to make the MSME sector stronger and more developed, going forward. Bhanu Pratap Singh Verma, India’s junior minister for the MSME sector said, “We will also work to ensure that interrelationship between the MSME sector and other important pillars of the Indian economy are further strengthened as India grows.”He urged the industry and other stakeholders to work with the government to make India a U economy along with becoming self-reliant. He said that there are 6.3 crore MSMEs in the country which are providing 11 crore jobs.”MSMEs contribute around 30 percent to our GDP and have a share of 50 percent of the income generated from total exports,” he said. Indian MSMEs are also looking for export markets worldwide.The Minister added that the government is taking continuous steps to strengthen Indian MSMEs and the PMEGP (Prime Minister’s Employment Generation Program), launched last financial year, was a step in this direction. Under this scheme in the year 2021-22, a total of 1.03 lakh new units have been set up in the manufacturing and services sector..