New Delhi [India], August 24 : Union Minister Piyush Goyal emphasised that Micro, Small, and Medium Enterprises (MSMEs) should not be viewed as merely small businesses as they are successful and provide employment to millions, and play a crucial role in nation-building.
At the 10th India International MSME Startup Expo & Summit 2024 in New Delhi on Saturday, Goyal highlighted the fact that through Quality Control Orders (QCO) the government is supporting the MSME sector.
According to the Ministry of Commerce and Industry, Goyal stated that innovative ideas and new ways of doing things are the hallmarks of the entrepreneurs of MSMEs. The entire ecosystem around big industries and enterprises comprises thousands of MSMEs, without whom they cannot succeed, he said adding that MSMEs act both as suppliers and customers of big industries.
Goyal also noted the significant role MSMEs play in the tourism and infrastructure sectors and their substantial contribution to India's exports. He stressed that the growth of the MSME sector is crucial for the country and remains a key focus for the government.
The Minister added that when 140 crore Indians unite in the effort of nation-building, India will achieve developed nation status by 2047, ensuring prosperity for all.
Goyal highlighted the fact that through Quality Control Orders (QCO) the government is supporting the MSME sector.
"We are giving time to MSMEs to meet the requirements," he said, adding that MSMEs will benefit due to two reasons. QCOs stop substandard goods imported at strange rates from outside the country and thus help the MSME sector by protecting it from unfair competition."
"Secondly, when MSMEs meet the standards, they can become competitive both nationally and internationally and become profitable. There are numerous examples of how the QCs have benefitted individual sectors", he added.
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