Mumbai, July 4 || Underlining that India is the fourth-largest economy in the world, Union Minister of Micro, Small and Medium Enterprises (MSMEs) Jitan Ram Manjhi on Friday said that the MSMEs contribute 30.1 per cent to the country's GDP, 35.4 per cent to manufacturing and 45.73 per cent to exports, adding that along with the agriculture sector, MSMEs will play a significant role in India becoming the third-largest economy in the world by 2029.
Jitan Ram Manjhi said that the MSME sector is playing an important role in providing employment to entrepreneurs who invest less than big industries and in making them entrepreneurs. It is also working to provide training to new entrepreneurs from Scheduled Castes and Scheduled Tribes in rural and urban areas and provide them with loans by providing bank guarantees.
“Through the Udyam portal, new entrepreneurs who are employed by the MSME department, the registration is done. They are being helped in Udyam Assist by providing training, getting bank loans and starting a business. So far, the MSME department has done the process of providing employment to 34 crore unemployed people in the country. Due to this, the department has fulfilled the dream of Prime Minister Narendra Modi to provide employment to 22 crore unemployed people,” said the minister.