New Delhi, 28 June (KNN) There is an urgent need to encourage research and innovation in Micro, Small and Medium Enterprises (MSME) sector said Nitin Gadkari, Union Minister for Micro Small and Medium Enterprises (MSME) and Road Transport and Highways.

For this, he has proposed creating a new website where people can post new ideas, suggestions and innovations.

Inaugurating the MSME Day 2019 celebration and second international SME Convention here, he said “This will help develop a bank of innovation and ideas where all stake holders can share their suggestions, technologies etc.”

Speaking on the occasion Gadkari said, “With an aim to encourage, motivate and inspire the young entrepreneurs we have organized this program. Entrepreneurs, science and knowledge to be used altogether to bring innovation in this vast field.”

“We should think professionally on how joint ventures can be made with foreign entrepreneurs and investors and India should be in best five lists of the strongest world economy," Gadkari added further.

Our main mission is not to neglect the waste but it should be used in a way to convert into wealth, he added.

He stated, “Dream of Prime Minister Narendra Modi is to make the economy of the country of 5 Trillion Dollar and to achieve it, it is utmost important to grow this sector.”

“To achieve employment potential we should have investment and technology as a only key tool, he further said. Skill manpower, proper education will boost the sector along with appropriate policies and corruption free practices will raise the sector," he said further.

MSMEs should come in one platform and collaboration with global entities and the best technology in IT will be used for marketing.

Also speaking on the occasion MoS MSME, Pratap Chandra Sarangi, “After agriculture MSME is the second the largest sector of the country and we have a lot of opportunities in this sector to work on. A great future is waiting for MSME. Be employers not employee as we have a great opportunity to grow and provide employment to the people. So many Indians are now involved in their own enterprises and are in positions to provide employment to people”.

Secretary, MSME Arun Kumar Panda, said, “This sector is changing very fast and after the arrival of GST, many micro and small enterprises have come into the fold of the formal economy, which indicates a good sign.“

Winners of 100 SMEs have decided to mentor 20 other entrepreneurs which is a big step towards the growth of the sector and employment generation. Industry is facing problems from market, technology, finance, skill, logistics, which needs to be solved to bring the MSMEs in the track”.

Amitabh Choudhary, MD of Axis Bank said, “Various schemes of Indian Government like, Startup India, Standup India, Skill India, make in India which is contributing in employment and growth in the economy.

“We have set up 78 MSME centers across the country and to support them we will always stand for them. We have planned to simplify the process of connecting to us for the customers. The trading platform has been set up by us for MSME and we are the only Bank in the country which has done this”, he added.

A total of 175 Entrepreneurs from 47 countries of the world participated in the Convention. Around two thousand entrepreneurs from India expressed their interest in the participation of the same. (KNN/VS)