Inaugurating the MSME Day 2019 celebrations and the second International SME Convention in New Delhi on June 27, 2019, Union Minister for Micro, Small and Medium Enterprise (MSME) Nitin Gadkari said the government plans to develop a portal for creating a marketplace like Alibaba or Amazon where all stakeholders from India's MSME sector can find the demand and supply inputs.
Hailing MSME sector as a backbone of Indian economy, Gadkari said that we are going to open a new website, the name of it would be Bank of ideas, innovation, and research, which will be open for suggestion from the sector.
So, anyone in the world can have access over their products, he added. Presently, MSME contributes 29% India’s GDP and about 50% of country export GDP.
Gadkari added that Prime Minister Narendra Modi's dream of making India a USD 5 trillion economy can only be fulfilled by ensuring the growth of the MSME sector in the country.
He said that in the coming years it will be his endeavour to raise the contribution of MSME sector to the country's GDP to 50 percent from the present 29 percent, and ensure that it gave employment to at least 15 crore people against the 11.1 crore at present.
Further, he also talked about the need for research and innovation in the MSME sector and said collaborating with global entities will bring in the latest technology in the sector.
Gadkari had in the Rajya Sabha said that his ministry aims to increase the number of MSMEs in India through various schemes and programmes.
He had said the ministry is providing better credit facility, technology upgradation, and skilling to boost the entire MSME ecosystem in India.