Increasing MSMEs Contribution To 50 Per Cent Of GDP Crucial For India To Become A $5 Trillion Economy: Gadkari

Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari said that his vision is to increase the MSME's contribution to India's gross domestic product (GDP) to over 50 per cent from the current 29 per cent, reports Economic Times.

The minister asserted that cooperation of the MSME sector will be crucial for India to be a $5 trillion economy. He said that the sector’s export contribution which currently stands at 50 per cent will be increased to 75 per cent which will result in employment generation for 15 crore people compared to 11.1 crore at present.

Revealing the ministry's plan to open the new website - Bank of Ideas, Innovation and Research - Gadkari said that a dedicated team would be put in place to analyse the suggestions that would flow in.

Stressing on the need to have a robust marketing platform on the lines of Alibaba or Amazon to connect the MSMEs, Gadkari said, "This will help anyone in the world have access to the MSMEs and find out what product is available from their end. The marketing idea where you will get a good market is very important. We will use the best technology in IT to make it,"