Get All Access for $5/mo

MSMEs are the Growth Engines for India's Business Development: Nitin Gadkari Union Minister of Road Transport and Highways and MSME, Nitin Gadkari, inaugurated the 39th India International Trade Fair (IITF). He was accompanied by the Minister of State for Commerce and Industry Shri Som Parkash. The fair has been an unprecedented platform for exhibiting the entrepreneurial skills and ingenuity of the Indian public.

By Vinayak Sharma

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

PIB

Gadkari expressed his views on the role of MSMEs in the growth of the nation and its economy. The edition of the fair is based on the theme related to "Ease of Doing Business" inspired by the unique achievement of India for bagging the 63rd rank on the World Bank's Ease of Doing Business Index 2019 from 142nd rank in the year 2014.

Gadkari addressed the gathering at the event and said "the country has made progress and achieved milestones in the field of small businesses. He added and MSMEs contribute up to 29 per cent of India's total exports."

Bringing in the employment aspect, He mentioned that MSME sector has generated employment to over a crore people recently.

Also Read: "We Should Contribute To the Green Economy": Additional Secretary, MSME, Ram Mohan Mishra

Importance of Entrepreneurs in the MSME Sector

In a quest to bring innovative ideas and efforts in MSMEs, Gadkari called upon the creative entrepreneurs belonging to their specific work areas to come forward with fresh ideas on improving designs, harnessing businesses and reducing costs of. Entrepreneurs play a vital role in pushing enterprises ahead with their progressive efforts and collective thought process. Through their efforts, small and medium companies get a boost to increase production without increasing costs, giving rise to augmented economy.

Also Read: 3 Tips by Nitin Gadkari to Boost Infrastructure and MSMEs

Raw Materials and Minerals:- Business Opportunities

Minister mentioned about the natural richness of the nation and its traits to turn itself into a business or industrial production opportunity. He said that various states are abundant with rich minerals and raw materials are abundant in various states. The need is to transform them into an industrial opportunity and set up production plants. He added that the government is working on setting up new technology training centres for quality production,hence,.making the produced material is globally acceptable and attractive to international investors and buyers.

About IITF (India International Trade Fair)

IITF offers opportunity for large corporations, Micro, Small and Medium Enterprises, non-government agencies, artisans, self-help groups (SHGs) to promote their products and services to a very large number of potential customers. The fair is an important platform for various departments and agencies of central and state government for dissemination of information on progressive reforms, new schemes and initiatives. It serves as a convergence point for government agencies, private sector enterprises, and non-government institutions which have aligned their activities with the country's development objective.

Vinayak Sharma

Entrepreneur Staff

Correspondent, Entrepreneur India

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Lightspeed Leads USD 40 Mn Series B Funding for SolarSquare

The company plans to use the fresh funding to expand its footprint to 50 cities, enhance its technology, hire talent, and strengthen its brand presence.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Kalaari Capital's CXXO Initiative Sheds Light on Women Entrepreneurs' Struggles

The report highlights key findings on the gender funding gap, unconscious biases, and the resilience of women entrepreneurs.

News and Trends

India Moves Towards AI Regulation: IT Minister Highlights Need for Balanced Approach

Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, emphasized the importance of addressing fake news while upholding freedom of speech

Growth Strategies

Indian Graduates' Employability Rate Reaches 54.81 per cent: Report

By addressing regional disparities, fostering gender diversity, and equipping graduates with both technical and soft skills, stakeholders can harness the full potential of the nation's workforce.