Govt aims to increase MSME sector contribution to GDP up to by 50 per cent: Nitin Gadkari

Hyderabad, Dec 9 (KNN) Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has said that the government's aim is to increase the MSME contribution to the Gross Domestic Product (GDP) to 50 per cent from the existing 30 per cent.

Speaking at the inaugural session of the three-day TiE Global Summit (TGS) being held virtually on Tuesday, Gadkari said the MSME sector currently constitutes 48 per cent of total exports from India and the government aims to take it to 60 per cent in future.

''A total 30 per cent of the GDP in Indian economy is contributed by the MSME. Out of our total exports, 48 per cent is also from MSME. At the same time up till now MSME created 11 crore jobs. And that is one of the reasons why MSME is the backbone of the country," he added.

"Now we have decided to make this 30 per cent contribution to GDP to 40 per cent and 48 per cent of the exports contribution to 60 per cent. We also want to create five crore jobs,'' he said.

While commenting on village industries, he said that currently such as handlooms, handicrafts, Khadi Gram Udyog are generating Rs 80 thousand crore revenues which needs to be taken up to Rs five lakh crore in the next few years.

''The country currently has an excellent network of roads, abundantly available power and water and reformed labour and other administrative laws,'' he said.