MSME sector must be encouraged, provided with funds if India wants to beat China: Subramanian Swamy

Nagpur, Apr 3 (KNN) MSME sector needs to be encouraged and provided with funds and loans if India wants to beat China and be at the top of the world economy, said BJP Leader Subramanian Swamy.

While delivering the Late Vikram Sathe Memorial lecture on ‘Roles of Bank in MSME for employment generation’ at Vasantrao Deshpande hall in the city, Swamy said had India focussed on ‘Gram Vikas’ and small scale industries, it would have developed much more.

“Our country would have developed much more had we focussed on ‘Gram Vikas’ and small industries,” he said.

“The countries like Japan and China developed because they focussed on small-scale industries. Our focus should have been on Gram Vikas (development of villages) and small-scale industries,” said Swamy.

He stressed that “This sector (small scale industry) needs to be encouraged and promoted if we want to beat China. Today we need revolutionary thinking and we need to use agriculture and small-scale industry to develop our economy, so that we are at the top of world economy.”

“The small-scale industry generates maximum employment in the country. Around 10 crore jobs are generated by this sector,” said Swamy.

This sector contributes 8 per cent to our GDP, he said, adding it even supplied components for the recent satellites sent by ISRO. “If we want to improve our economy small-scale industry must be promoted and provided with funds and loans for small scale start-ups,” he said.