MSME ministry has demanded 10,000 crore from Finance Ministry, says Nitin Gadkari
New Delhi, Oct 1 (KNN) Asking Micro Small and Medium Enterprise (MSME) to get themselves registered on the stock exchanges, Union Minister for MSME Nitin Gadkari informed that he has already requested the Finance Ministry to allot Rs 10,000 crore to the MSME Ministry for buying equity of such entities.
''We will buy 10 per cent equity in MSME companies on behalf on of the government and once the prices of shares go up, we can be the owner of Rs 1 lakh crore instead of Rs 10,000 crore,'' the Minister said while speaking at the 114th annual session of PHD Chamber of Commerce and Industry here on Monday.
Gadkari said that the MSME sector contributes 29 per cent to India’s GDP. He urged MSMEs to register themselves with the National Stock Exchange (NSE), which would help them gain easy access to capital.
The Minister asked the industry to take advantage of the various policies by the Central government and invest in the agro processing and infrastructure to achieve India’s aim of becoming a $5 trillion economy.
He outlined several steps his ministry had taken to improve agriculture and infrastructure and encourage the MSME sector. He urged PHD Chamber and entrepreneurs to contribute to the government’s “Waste to Wealth” mission.
The Minister said his Government’s target is to increase MSME’s present share of 29 per cent of GDP to 50 per cent in next five years and raise its export contribution from 49 per cent to 60 per cent . To achieve these targets logistics, power and capital cost will need to be reduced.