New Delhi, Mar 16 (KNN) Putting forth the views of the industry, Federation of Indian, Micro and Small & Medium Enterprises (FISME) have emphasised on recognising the importance of small and medium enterprises sector for making India a USD 5 trillion economy in seven years.

It was during the working group meeting chaired by commerce & industry minister Suresh Pranhu.

Representing FISME, Secretary General Anil Bhardwaj stressed the need for Indian industry to connect to Global Supply Chains, adequate policy focus on Medium segment of MSMEs and leveraging Public Procurement to help build scale and capabilities to succeed within outside country.

The meeting was attended by heads of FISME, CII, FICCI, IFC, NASSCOM, Niti Aayog and senior officials from the Departments of Commerce and DIPP.

The participants stressed on the need to factor in technological disruptions, challenges due to climate change, positive use of India's demographic dividend, conscious effort to make India's manufacturing sector a part of global value chain and recognizing the importance of small and medium scale enterprises to fuel India's growth story.

Prabhu said that India's GDP could reach $5 trillion in 7 years if manufacturing, services and farm sectors show consistent growth.

He underlined key role of the private sector to create new business models and strategies and leverage new technologies in order to fuel growth in the Indian economy.