Union Minister for Micro Small and Medium Enterprises(MSME), Nitin Gadkari has addressed the “India@75 Summit – Mission 2022” organised by the Confederation of Indian Industries (CII) via video-conferencing. The summit was focused on ‘reinventing technology in India’. The MSME Ministry and Industries should be made import substitutes, cost-effective, pollution-free and indigenous.
About the MSME sector:
- The MSME sector has expanded with the new definition of MSME with the increased investment value up to 50 crores and turnover up to Rs 250 crore and the manufacturing and service sectors under the MSME are integrated under a similar definition.
- The exports avenues in MSME sector of India can be expanded with technology up-gradation which will also increase the number of ancillary units. Increasing import duty in some sectors will support the Indian manufacturer.
- The government is working on a scheme for the inclusion of the smallest unit under the MSME sector and to provide their micro-financial requirements.