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Nitin Gadkari pitches for Rs 10,000 crore fund to buy shares of MSMEs listing on bourses

The MSME Ministry has sought an allotment of Rs 10,000 crores and whichever micro/small enterprise wants to list their equity on the stock exchanges, the Ministry will buy 10 per cent in them.

Published: 17th October 2019 12:31 AM  |   Last Updated: 17th October 2019 12:31 AM   |  A+A-

Union Minister for Road Transport and Highways Nitin Gadkari at a press conference in Mumbai Monday September 9 2019. | PTI

Union Minister Nitin Gadkari (File Photo | PTI

By PTI

NEW DELHI: Union Minister Nitin Gadkari on Wednesday said the MSME Ministry has sought a fund of Rs 10,000 crore to buy equity in small businesses wanting to list on the stock exchanges.

"We have requested the Finance Ministry to sanction us Rs 10,000 crore and whichever MSE (micro and small enterprises) wants to list their equity on the stock exchanges, we will buy 10 per cent in them. I believe this 10 per cent of our equity will increase by two to three times in 3-4 years. So this will increase value of our capital so that we can keep rolling this fund as the government alone cannot do all the things in this age and time," the minister for micro, small and medium enterprises (MSME) said at the 'India MSE Awards 2019'.

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Gadkari, who is also the union minister for road transport and highways, said he wants to increase the revenue of the ministry to Rs 1 lakh crore in next five years without seeking any help from the government by monetising road assets.

He said roadside amenities such as providing space for charging stations or petrol pumps and charging a commission from companies, can be tapped to increase the revenue of the ministry. The minister also said there is huge potential for small units and businesses in India for export competitiveness.

He said that plans are afoot to create as many as 13 clusters at the village levels to set-up solar powered weaving units. "To reach the USD 5 trillion economies, MSME, khadi, handloom and handicraft industries will play a critical role. The government policies are mostly urban-centric and it takes time to reach problems of the rural areas to Delhi or Mumbai," he said.

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He added that the agricultural, rural and tribal sectors are trailing behind and if people belonging to these places migrate to cities then the problem will arise. "So we have to keep a balance and have to increase the urban employment potential also," he said.



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