Union Minister Unveils Rs 2.2 Billion Package to Boost Jharkhand's MSME Sector

ENA State 2024-09-18 15:43:21 Ranchi, Sep 18 (KNN) In a significant boost for Jharkhand's small business sector, Union Minister for Micro, Small, and Medium Enterprises (MSME) Jitan Ram Manjhi unveiled a robust development package during an MSME conclave held in Ranchi on Wednesday. This initiative, aimed at revitalising the region's MSME landscape, involves an impressive allocation of Rs 2.2 billion. The comprehensive package includes Rs 1.2 billion designated for the creation of four new industrial clusters across Jharkhand. These clusters are expected to enhance local manufacturing capabilities and foster business growth in the state. Additionally, Rs 300 million will be invested in establishing three new technology centers, which will serve to support innovation and technological advancement within the MSME sector. Manjhis announcement comes as part of a broader strategy to stimulate economic activity in eastern India, a region that has traditionally lagged behind its western and southern counterparts in terms of industrial development. We are committed to breaking the geographical imbalance in MSME growth. Our goal is to spread economic development more evenly across the country, particularly focusing on eastern and northern regions, Manjhi stated. Highlighting the critical role of the MSME sector, Manjhi underscored its contribution to job creation and the national economy. Currently, MSMEs employ approximately 205.6 million people across India, with the sector contributing around 30 percent to the country's GDP. Manjhi expressed an ambitious target to double employment within the sector to 400 million, reflecting its vast potential for expansion. The minister acknowledged the current regional disparities in MSME development, noting that the bulk of growth has been concentrated in western and southern India. By addressing these imbalances, the government aims to unlock greater economic potential in underserved regions like Jharkhand. This package is a testament to our commitment to fostering balanced regional development. We believe that with these investments, we can spur substantial economic activity and job creation in Jharkhand and other similar regions, Manjhi added. The announcement marks a pivotal moment for Jharkhand's economic future, promising a new era of growth and opportunity for its small and medium enterprises. As the state prepares to leverage this substantial investment, the focus will be on translating these promises into tangible improvements in local business conditions and employment levels. (KNN Bureau) 39321 https://knnindia.co.in/news/newsdetails/state/union-minister-unveils-rs-22-billion-package-to-boost-jharkhands-msme-sector 2024-09-18 15:43:21 knnindia.co.in Union Minister Unveils Rs 2.2 Billion Package to Boost Jharkhand's MSME Sector