MSME to be major source of jobs says PM
Updated: Apr 03, 2013 04:21:21pm
New Delhi, Apr 3 (KNN) Prime Minister Manmohan Singh today extended support to small and medium enterprises (SMEs), stating they will be a major source of employment.
“We must do more for supporting small and medium industry as this sector will be the key component support structure for larger industry and will be a major source of productive, creative jobs,” said the Prime Minister at the CII Annual Meet here.
In terms of value, the MSME sector accounts for about 45 per cent of the manufacturing output and 40 per cent of the total exports of the country.
The sector also employs about 595 lakh persons in over 261 lakh enterprises throughout the country.
Referring to the global slowdown and its impact on the Indian economy, he said, “We can only wait for the world to get back to more normal conditions. In the meantime, we have to accept that our exports will be weak and our current account deficit (CAD) in the Balance of Payments, higher than it should be.”
Prime Minister said, “In addition to supporting domestic investment, we have given clear signals that we welcome foreign investment which has a critical role in bringing in modern technology and globalising our economy.
Even as our Indian industry steps out to invest abroad, we must welcome foreign investors coming to India, and using India as a part of their global supply chain.
We are reviewing the foreign direct investment (FDI) policy comprehensively to see what more can be done in the coming months.”
The liberalization of FDI in multi-brand retail, civil aviation and other areas, are important signals for the global investors.
“The full effect of all these decisions will be felt in the next few months, and I hope they will go far in improving investor sentiment. We will carry this process forward and do even more in the coming days,” he said. (KNN)
“We must do more for supporting small and medium industry as this sector will be the key component support structure for larger industry and will be a major source of productive, creative jobs,” said the Prime Minister at the CII Annual Meet here.
In terms of value, the MSME sector accounts for about 45 per cent of the manufacturing output and 40 per cent of the total exports of the country.
The sector also employs about 595 lakh persons in over 261 lakh enterprises throughout the country.
Referring to the global slowdown and its impact on the Indian economy, he said, “We can only wait for the world to get back to more normal conditions. In the meantime, we have to accept that our exports will be weak and our current account deficit (CAD) in the Balance of Payments, higher than it should be.”
Prime Minister said, “In addition to supporting domestic investment, we have given clear signals that we welcome foreign investment which has a critical role in bringing in modern technology and globalising our economy.
Even as our Indian industry steps out to invest abroad, we must welcome foreign investors coming to India, and using India as a part of their global supply chain.
We are reviewing the foreign direct investment (FDI) policy comprehensively to see what more can be done in the coming months.”
The liberalization of FDI in multi-brand retail, civil aviation and other areas, are important signals for the global investors.
“The full effect of all these decisions will be felt in the next few months, and I hope they will go far in improving investor sentiment. We will carry this process forward and do even more in the coming days,” he said. (KNN)
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