Small companies, according to the MSME Minister, will fuel India's export growth
02 October 2021, Mumbai:
The Union Minister for Micro, Small, and Medium Enterprises emphasized the significance of Indian manufacturing and expressed his optimism that MSMEs will assist the nation meet its $400 billion (Rs 26.6 lakh crore) export target this fiscal year.
MSME Minister Narayan Rane voiced his trust in India's MSME sector at the India Export Initiative at the IndiaXports 2021 section of the India SME Forum in New Delhi, according to ET Bureau.
MSMEs would be able to assist India to lower its grade deficit by growing its production capacity across the country, according to Rane.
The Indian government has set a goal of $1 trillion in exports by the end of the fiscal year 2027. MSMEs, according to Rane, will be at the forefront of contributing to the export growth required to meet this target.
MSMEs will play a role in decreasing the demand for imports if they obtain sufficient funding to expand their manufacturing capabilities. The Press Trust of India stated that Rane added,
"This [growth] can be done by scaling up India's competitive edge or enhancing the competitiveness of MSMEs and making India a preferred location for manufacturing for the globe."
India has approximately 63 million MSMEs, accounting for around 40% of the country's overall exports.
The clothing, textiles, and handicrafts industries all have a high number of MSMEs. With its ‘Make in India' program, the Indian government is supporting local manufacturing for both large corporations and small enterprises.
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