New Delhi, Aug 10 (KNN) President Ram Nath Kovind distributed loan sanction papers to 4085 artisans from 75 districts under the tag line of ‘Nayi Udaan, Nayi Pehchan’ during One District One Product Summit.

President Kovind inaugurated the event organized by Uttar Pradesh government to promote traditional industries in every district of the state.

Speaking at the occasion, President Kovind said that MSMEs play crucial role in the inclusive development of economy.

He said, after agricultural sector, most people find employment in this sector.

Describing the micro, small and medium enterprises as the backbone of the country's economy, Kovind, said these enterprises are "engines of inclusive development".

"This sector generates more employment opportunities at a lower cost of capital and the most important thing about this sector is that it creates jobs in rural and backward areas," President added.

President expressed the confidence that the One District One Product scheme will enhance skills of local people as well as increase the reach of products. Besides, it will result in economic progress of artisans of Uttar Pradesh.

The President also noted that under the One District One Product scheme, the state government has set a goal of providing employment to 25 lakh people in five years through the financial assistance of Rs 25,000 crores.

He hoped that this scheme will create large number of employment opportunities for the youth and strengthen the inclusive and sustainable development of Uttar Pradesh.