PM Modi asks Indian MSMEs to focus on the quality of products, make them 21st century ready
Prime Minister Narendra Modi urged MSMEs to refine their products and said that Indian MSMEs can grow if they receive institutional support.
Prime Minister Narendra Modi said that Indian manufacturers need to focus on improving the quality of the products and alter them according to the demands of the 21st century.
Modi was in Varanasi on Sunday to inaugurate the 63-feet-tall statue of former Bhartiya Jan Sangh leader Pandit Deendayal Upadhayay. Additionally, he flagged off Indian Railways’ ‘Maha Kaal Express’ via video conferencing and also inaugurated projects worth Rs 1,200 crore in the city. He also inaugurated the 'Kashi Ek Roop Anek' a cultural and handicrafts exhibition.
Source: Narendra Modi Official Twitter
Addressing the audience, in a speech, Modi said, “We cannot afford to adopt a traditional approach... We need to also ensure that every citizen of the country and the economy needs to be made strong and self-reliant.”
Modi said it is important to ensure that traditional industries are innovated according to the demands of the 21st century. He added that it is only possible by giving them institutional support in the form of training, financing, marketing, and technical support.
His only advice to the Indian MSMEs was, “Focus on the quality of the product,” adding that, “Manufacturers need to refine the products.”
The micro, small and medium enterprises (MSMEs) in India contribute about 29 percent of the nation’s GDP. While startups are the new obsession of the country, the role and the state of MSMEs cannot be ignored if India wants to become a $5 trillion economy.
Recently at an ASSOCHAM event, Nitin Gadkari, Union Minister for MSMEs, reiterated the plans to increase the contribution of Indian MSMEs to 50 percent.
Talking about how digitisation has impacted the sector, Modi said, “Initially, the industries were running traditionally, wherein local artisans and handicraft workers did not have any access to investors or digital platforms.”
Digitisation, Make in India campaign, and ecommerce platforms have given local business and handicrafts a platform to represent their products not just in Varanasi, but also throughout the country, Modi declared.
He lauded the efforts of Uttar Pradesh Chief Minister Yogi Adityanath and the ‘One District One Product’ campaign, which has resulted in increasing the number of exports coming from the state.
The ‘One District One Product’ campaign was launched to boost craftsmanship and small industries in Uttar Pradesh by the state government. The scheme was started to make Uttar Pradesh a $1 trillion state, and ultimately, contribute to Modi’s aim of making India a $5 trillion economy by 2024-25. These industries are also seen as an important vassal of job creation and wealth generation.
(Edited by Suman Singh)