HYDERABAD: Union Minister G Kishan Reddy has described micro, small and medium enterprises (MSMEs) as the backbone of India’s industrial sector, saying they would play a crucial role in achieving the goal of Viksit Bharat by 2047.
Addressing the ‘Laghu Udyog Bharati – South India Conclave’, the Minister said MSMEs played a pivotal role in boosting exports, generating quality employment, strengthening supply chains and contributing to the country’s economic growth.
He said MSMEs contributed 32 per cent of India’s GDP, accounted for 36 per cent of manufacturing output and contributed 49 per cent of exports. According to the figures cited by him, around 9.8 crore MSMEs were registered on the Udyam platform, providing employment to nearly 40 crore people, with women heading 37 per cent of these enterprises.
kishan said Prime Minister Narendra Modi had recognised the importance of MSMEs and created a conducive environment for their growth through incentives, improved access to technology and financial support. The Centre was also promoting the sector through initiatives such as the Trade Receivables Discounting System (TReDS) and digital marketplace platforms, he added.
Highlighting South India’s industrial strengths, the minister said the region played a significant role in sectors such as automobiles, textiles, electronics, aerospace, engineering, information technology, pharmaceuticals, defence and manufacturing. These industries, he said, were strengthening the country’s industrial value chain.
Stating that India’s growth trajectory remained strong despite recessionary conditions and unemployment in several countries, the minister said the country had emerged as a major hub for iPhone manufacturing.
He criticised certain political leaders for allegedly denigrating the Indian economy on foreign platforms for partisan reasons, arguing that such remarks could affect investor confidence and jeopardise employment opportunities for young people.
