Calling for domestic & foreign investment and collaboration in the MSME sector, Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari has expressed need to reduce the cost of capital, logistics and power for making the Indian MSME sector globally competitive.
The Minister also highlighted that the MSME sector in India has tremendous potential to push growth and generate employment. He also said the government's priority is for integrated development of the rural and agro-based enterprises along with the urban-based enterprises.
Besides, Gadkari noted that the Government's target is to increase MSME's present share of 29 percent of GDP to 50 percent in the next five years and raise its export contribution from 49 percent to 60 percent. He added that to achieve these targets logistics, power and capital cost will need to be reduced.