Gadkari Confident About Increasing Exports To 60%, Generate 5 Crore Jobs In MSME Sector In Next 5 Years

Union Minister Nitin Gadkari stated that the government will work for the empowerment of people from villages and make them self-reliant.

(File Photo/ Getty)

Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari on Sunday said that the central government is planning to increase exports from 48 per cent to 60 per cent in the next 5 years and also create 5 crore jobs in the next 5 years. As quoted by news agency ANI, Gadkari While speaking at SWAVALAMBAN e-Summit 2020 organised by 'Lets Endorse Development' NGO reportedly said, "Our MSME sector has a huge contribution to the development of our country. Currently, 30 per cent income of GDP growth rate comes from MSME. 48 per cent of our exports are from MSME and till date, we have created 11 crore jobs. I believe and think that in the coming 5 years, we should increase it to at least 30 per cent to 50 per cent, 48 per cent to 60 per cent of exports and create 5 crore new jobs." Adding more he said that unregistered enterprises need to register themselves under the micro-industry to get the benefit of MSMEs. "We are also in the process to cover small traders. We need help from NGOs to encourage such people to register," Nitin Gadkari added. Apart from this, the Union Minister stated that the government will work for the empowerment of people from villages and make them self-reliant. Earlier this month, Nitin Gadkari had announced that the centre is planning to create a deposit-taking ‘social microfinance organisation’ in order to quickly disburse loans of up to Rs 10 lakh to women and small entrepreneurs. Though the progressive initiative cropped during the discussion with Nobel laureate and Grameen Bank founder Mohammed Yunus of Bangladesh, needs to be discussed further in detail with Finance Ministry, Gadkari said that "You (the financing entity) can register and you will get a license from RBI and you can accept deposits and giving loans to the small people. This type of mechanism we are developing for social micro & small institutions with a very simple procedure, without red tapism." Explaining further in the policy, Gadkari said that the idea is to create employment potential in the rural area And for he same, the Niti Aayog is taking initiative, and on the basis of inputs, a policy will be decided.