India can shield itself from global recession by strengthening MSMEs: Narayan Rane
Union Minister for MSMEs, Narayan Rane, said that MSMEs are the driving engine of economic growth of the country, which not only generates employment, but also strengthens socio-economic growth of the Indian economy.
Addressing the members and industry stakeholders at the PHDCCI’s States’ Policy Conclave, 2022, Union Minister of Micro, Small and Medium Enterprises (MSMEs), Narayan Rane, highlighted that India’s G 20 Presidency year is crucial for the industry and all stakeholders associated with the sector.
Rane mentioned that MSMEs are the driving engine of economic growth of the country, which not only generates employment but also strengthens socio-economic growth of the Indian economy where 30% contribution in Indian Gross Domestic Product (GDP) is by MSME sector.
"Today, as global recession clouds loom around the world economies, India can shield itself by strengthening the MSMEs sector and making it more resilient...Atma Nirbharta can only be achieved with the MSME’s leading from the front," he said.
Rane also said that 40% of the Indian exports are contributed by the MSMEs and an institution like PHDCCI which is the voice of the MSME will play an integral role in increasing the Indian exports and reducing imports.
The future of any business is highly dependent on innovation, especially in today’s changing world. It is pertinent to focus on building innovative technologies and capacities of our MSMEs, Rane urged PHDCCI to come forward and provide the needed guidance and hand holding to the Indian MSMES.
"Government is working towards the Goal of achieving 10 trillion economy which will in turn boost the manufacturing industry, generate employment and will boost economic development of the country," said Rane.
Other speakers at the event
Sanjay Kumar Jha, Minister of Water Resource Department, Information and Public Relation Department, Government of Bihar, also said that Bihar holds immense opportunities, rural economy to ecology to urban cities, all gauge equal attention of the Government.
"Bihar textile Leather Policy 2022 launched recently to make Bihar the major textile hub is one of the significant step taken towards building a strong state economy. All areas from rural economy to ecology to urban cities all areas are covered under the visionary leadership of our Chief Minister," said Jha.
Thampy Koshi, CEO, ONDC (Open Network for Digital Commerce) appreciated collaboration of ONDC-PHDCCI to provide handholding to the industry. He presented a big picture of ONDC's role and functions.
He also talked about the setbacks of the ecommerce market, which is ruled by the big players through proprietary strategy platforms which is the main cause of harm to the small and medium industry. To overcome this challenge ONDC is in line to create a genuine network of buyer and seller to provide equal opportunity and visibility to all, across the globe.
Manjeev Singh Puri, India’s Former Ambassador to Nepal, the European Union, Belgium, and Luxembourg, highlighted that how we can leverage fruitful outcomes out of G20, not only beneficial for India, but for the whole world. "India’s presidency at G20 is all about human centric globalisation. It is expected to have a large scale impact on intergovernmental policy formulation and discussion that will influence the new world order and set the global post pandemic economic agenda," he said.
Dr. Shankar Prasad Sharma, Ambassador of Nepal to India, congratulated India on G20 presidency. He mentioned that this opportunity will provide India to come in league of not only developing world but also in developed world. He said that there should be four priority areas namely energy, connectivity, digitisation or digital connectivity and climate cooperation in south Asian countries, which will help not only one but all the countries together to prosper.
"India–Nepal are working together in several areas but need much more attention towards connectivity especially regional; connectivity. Prioritisation of these areas should not get diluted," he added.
Saurabh Sanyal, CEO and Secretary General, PHDCCI, while presenting a formal vote of thanks, also mentioned that states and their economic activities plays a major role in India’s global image and drive G20 presidency year from the front
Dr Ranjeet Mehta, Deputy Secretary General, PHDCCI, deliberated on the sustainable future with focus on environment and sustainable ecosystem, mentioning that each one of us should contribute toward climate mitigation to ensure a cleaner and greener future for our next generation.
