'MSMEs key to achieve USD Five trillion economy': MP Suresh Prabhu

MSME exports have declined, labour productivity is low, and many MSMEs have closed in the past five years.
'MSMEs key to achieve USD Five trillion economy': MP Suresh Prabhu
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VIJAYAWADA: The Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) hosted an interactive session in Vijayawada with former Union Minister and Rajya Sabha MP Suresh Prabhu, Indian Chamber of Commerce (ICC) President Ameya Prabhu, and ICC Director General Rajeev Singh

AP Chambers President Potluri Bhaskara Rao stressed that the MSME sector, the backbone of the economy, faces challenges due to the Covid-19 pandemic, the Russia-Ukraine and Israel-Gaza wars, high production costs, expensive financing, poor market linkages, and delayed payments.

MSME exports have declined, labor productivity is low, and many MSMEs have closed in the past five years.

He urged Suresh Prabhu to address these issues with the Union government and expressed optimism about the potential for upskilling and technology adoption to boost the sector.

Suresh Prabhu emphasised the need to strengthen MSMEs to achieve a $5 trillion economy and increase citizens’ per capita income. He called for district-level MSME development, global market linkages, and technological upgrades.

Ameya Prabhu highlighted ICC’s global expansion and the challenges to job creation posed by Artificial Intelligence (AI), urging collaboration with Andhra Pradesh Chambers to address these issues.

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