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Addressing the event, Goyal emphasized that MSMEs are not merely small businesses but are essential contributors to the country’s economy, providing vital supply chains to large industries and employment to millions of people.
NEW DELHI: Union Commerce and Industry Minister Piyush Goyal highlighted the vital role of Micro, Small, and Medium Enterprises (MSMEs) in nation-building at the 10th India International Trade Fair and MSME Expo held in New Delhi.
Addressing the event, Goyal emphasized that MSMEs are not merely small businesses but are essential contributors to the country’s economy, providing vital supply chains to large industries and employment to millions of people.
Goyal pointed out that MSMEs serve as both suppliers and customers for large industries, forming an ecosystem that is indispensable for the success of big enterprises.
He said, “Innovative ideas and new ways of doing things are the hallmark of the entrepreneurs of MSMEs.
The entire ecosystem around big industries and enterprises comprises thousands of MSMEs, without whom they cannot succeed.”
The Minister also noted the significant role MSMEs play in tourism and infrastructure development and their substantial contribution to India’s exports.
He stressed that the growth of the MSME sector is crucial for the country’s development and remains a key focus for the government.
In his speech, Goyal underscored the government’s support for MSMEs through Quality Control Orders (QCOs).
He explained that these orders protect MSMEs from unfair competition by preventing the import of substandard goods at low prices.
“We are giving time to MSMEs to meet the requirements,” Goyal said, adding, “QCOs stop substandard goods imported at strange rates from outside the country and thus help the MSME sector by protecting it from unfair competition.”
Goyal further elaborated that once MSMEs meet the standards set by QCOs, they can become competitive both nationally and internationally, leading to increased profitability.
“There are numerous examples of how the QCOs have benefited individual sectors,” he noted.
The Minister also expressed confidence in India’s future, stating that when 140 crore Indians unite in the effort of nation-building, the country will achieve developed nation status by 2047, ensuring prosperity for all.
The expo and summit served as a platform for MSMEs to showcase their innovations and discuss the challenges and opportunities in the sector.
