Hailing the significance of the MSME sector in the country’s growth, Vice President of India Jagdeep Dhankhar on Friday said the MSME sector is underrated when it comes to performance which is highly impactful and is bringing transformational change into tier 2 and 3 cities and in villages. VP Dhankhar was addressing the Bharat Startup and MSMEs Summit organised by PHD Chamber of Commerce and Industry.
“MSMEs account for about 30 per cent of India’s GDP, 45 per cent of manufacturing output, and provide employment to over 11 crore individuals. More importantly, it is an area that produces the finest minds that contribute to the growth of the economy,” said VP Dhankhar as he urged trade and industry bodies to leverage the entrepreneurial culture in the hinterlands of the country through the MSME sector.
A pyramidical rise is not suited to our democratic nation, said VP Dhankhar calling for a “plateau type of rise so that every segment of the society rises. We need verticals for sure, but horizontals are important. Startups and MSME play this great role.”
He also stressed the importance of the government’s Vocal for Local campaign to promote the design, development and consumption of made-in-India goods and reduce imports.
For this, VP Dhankhar called for subscribing to “Economic Nationalism”.
“Mark my words carefully, nationalism is important, paramount we have to subscribe to it. Time for us to subscribe to economic nationalism as well. We need to be Vocal for Local. It is a facet of Atmanirbhar Bharat,” he added.
VP Dhankhar also urged the trade and industry for their “deeper involvement” in fuelling research and development in the country.
Unlike developed nations where research and development is fuelled, financed, promoted and sustained by industries, it is lacking in India, he said.
“Let us take a big step in that direction, let the corporate leadership also engage in that direction. I have indicated from another platform in an academic institution that while it is good to give heavy financial assistance to universities outside, but also focus your attention on local universities,” he noted.