1 hr ago
Kishan Reddy Says MSMEs Can Drive India’s 2047 Development
G. Kishan Reddy said small and medium-sized businesses are important to India’s economy.
He said these businesses help make goods, sell products abroad and create jobs.
He said they can also help India become more developed by 2047.
Many of these businesses still have trouble getting money when they need it.
The government, he said, is working to help promising businesses get long-term funding.
He also pointed to programs that help small businesses get loans and reach markets.
Reddy encouraged business owners to use new technology and compete around the world.
He said businesses in many industries help make more things in India and reduce reliance on imports.
Union coal minister G. Kishan Reddy said MSMEs are important to India’s industrial sector and development goals for 2047.
He cited MSMEs’ contributions as 32% of GDP, 36% of manufacturing output and 49% of exports.
The article says nearly 9.80 crore MSMEs were registered on the Udyam platform and employed more than 40 crore people.
Reddy said access to timely finance remains a challenge and the Centre is working to provide long-term equity capital to promising businesses.
He urged entrepreneurs to adopt new technologies and compete globally, while crediting government schemes with helping small businesses access loans and markets.
- Who
- Union coal minister G. Kishan Reddy and the MSMEs he discussed.
- What
- Reddy said MSMEs are central to jobs, industry and India’s development goals for 2047, and discussed support and financing challenges.
- Where
- At the Laghu Udyog Bharati-South India Conclave in Hyderabad.
- When
- Saturday; the article gives no calendar date.
- Why
- Reddy said MSME growth can support job creation, manufacturing, exports and the goal of a developed India by 2047.
Key facts
- MSME share of GDP
- 32%, according to Reddy.
- Share of manufacturing output
- 36%, according to Reddy.
- Share of exports
- 49%, according to Reddy.
- MSMEs registered on Udyam
- Nearly 9.80 crore, as reported in the article.
- Employment
- More than 40 crore people, according to Reddy.
- Women-owned enterprises
- Women owned 37% of the enterprises, according to Reddy.
- Key challenge
- Access to timely finance.
Sources
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