Govt mulls ways to augment MSME exports

Union minister Nitin Gadkari said on Tuesday that boosting the share of small businesses in the economy from 30% of GDP to 50% of GDP is a priority for the government. It is also focusing on scaling up exports and lowering costs in order to help them recover quickly. Given that MSMEs  currently account for about 110 million jobs and 30% of India’s gross domestic product (GDP), the Centre has set a target of adding 50 million jobs for sector.

“For the quick revival of the MSME sector, we now need special focus on boosting exports and reducing overall costs. MSMEs need to adopt necessary practices, too, and reduce power and logistics costs,” the minister said in a webinar hosted by Walmart on a roadmap to train small firms to participate in the global supply chain. He suggested the Walmart management to guide and train the handicraft, khadi and village industries.

“Walmart Vriddhi opens up opportunities for MSMEs to sell into Walmart’s supply chains or the open marketplace,” Walmart said during the session. Its first all-digital e-institute will be open to MSMEs located in Panipat, Sonipat and Kundli. These cities are the hubs of  textile, steel and kitchenware production in the country and endowed with a strong entrepreneurial heritage and a skilled workforce.