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22/05/2020 04:08pm

India's vision of USD 5 trillion economy by 2025 encouraging MSMEs to play significant role in it: Alibaba.com

image India's vision of USD 5 trillion economy by 2025 encouraging MSMEs to play significant role in it: Alibaba.com

New Delhi, May 22 (KNN) Despite economy distress caused by COVID-19, Stephen Kuo, Head of Asia Pacific of Alibaba.com—believed that India's vision to host USD 5 trillion economy by 2025 encouraging Micro, Small and Medium Enterprises (MSMEs) to play a significant role in it.

''India has a vision to host a trillion-dollar digital ecosystem by 2025 and is encouraging MSMEs to play a significant role in it. As one of the world's leading B2B e-commerce platforms, we have over 12 million active buyers from over 190 countries and regions, and more than 300,000 queries daily on the platform," said Kuo in a statement after an online summit earlier this week hosted by Alibaba Group.

"Our strategy is to help more SMEs go global, especially those from India. Today, we have over 600,000 products listed by our platform suppliers from India, and those suppliers have received over 50,000 enquiries in just the last 30 days. We hope to continue to play a meaningfully role in this crucial journey for Indian MSMEs," he added.

Notably, in last year September, Union Minister for MSME had asserted that the role of MSMEs in making India a USD 5 trillion economy was very important.

''India is the fastest growing economy and at the same time our Prime Minister's Vision of making India a USD 5 trillion economy and the role of MSMEs is equally important,'' the Minister had said while speaking at the curtain raiser for Indian Manufacturing Show (IMS) 2020.

Later, in the month of December, last year, the MSME ministry had said that it envisioned MSMEs to contribute 2 trillion dollar to the country's target of becoming 5 trillion dollar economy by 2024-25

"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of 5 trillion-dollar economy by 2024-25 Our vision is to ensure that at least a contribution worth 2 trillion dollar comes from MSME sector," the MSME ministry said in its year-end report.

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  1. RK
    RK 22/05/2020 11:10 PM

    Economy will contract 5-12% this year and people are still talking about $5 trillion economy? India will be very lucky to reach even $3 trillion by then!

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