Indian Prime Minister Manmohan Singh on 1 March called upon the country's micro, small and medium enterprises (MSME) sector to promote exports by utilizing the globalization process unleashed by the government.
"Only a small fraction of enterprises today has the skills, risk appetite and resources to avail of the opportunities offered by processes of globalization. We need to change this state of affairs. I am happy that the Ministry of Micro, Small and Medium Enterprises has been taking steps to promote bilateral cooperation with other countries in the MSME sector and giving our enterprises exposure to international markets and foreign technologies," the Prime Minister said.
Singh was addressing the National Awards Ceremony for Micro, Small and Medium Enterprises, in New Delhi. He said that the Ministry of Micro, Small and Medium Enterprises has been taking steps to promote bilateral cooperation with other countries in the MSME sector and giving the country's enterprises exposure to international markets and foreign technologies.
Congratulating the entrepreneurs who received awards, the Prime Minister said that MSME sector is of vital importance for the country's economy. It accounts for eight percent of India's gross domestic product (GDP), 45 percent of its manufactured output and 43 percent of exports. MSME provides employment to over 10 crore people. The sector is necessary to achieve the objective of rapid and inclusive growth, he added. The MSME sector has grown at a healthy rate of 10 percent in recent years, said Singh, an acclaimed economist.
The government has set up a Task Force to explore how the MSME sector could be further strengthened. The Task Force's report was received in 2010 and made several important recommendations.