MSME Minister confident small businesses will drive India's export growth
The Union Minister for Micro, Small, and Medium Enterprises highlighted the importance of Indian manufacturing and shared his confidence that MSMEs will help the country to achieve its export target of $400 billion (Rs 26.6 lakh crore) this fiscal.
Speaking at the India Export Initiative at the IndiaXports 2021 segment of the India SME Forum in New Delhi, MSME Minister Narayan Rane expressed his confidence in India’s MSME sector, ET Bureau reported. By increasing the manufacturing capacities of MSMEs across India, these businesses will be able to help India reduce its grade deficit, according to Rane.
The Indian government has a target of achieving $1 trillion in exports by the 2027 financial year. Rane stated that MSMEs will the at the helm of contributing to the export increases needed to achieve this goal. MSMEs will play a role in reducing the need for imports, should they receive ample investment to enable them to increase their manufacturing capacity.
“This [growth] can be achieved by scaling up India's competitive advantage or augmenting the competitiveness of MSMEs and make India a preferred destination for manufacturing for the world,” said Rane, the Press Trust of India reported.
India has over 63 million MSMEs which make up around 40% of the country’s total exports. A large number of MSMEs are in the apparel, textiles, and handicrafts sectors. The Government of India is also promoting domestic manufacturing, for both big businesses and MSMEs, with its ‘Make in India’ campaign.
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