New Delhi, January 2020:“MSME plays big role in the development of the country. It contributed 29% to the growth of the country and 48% to country’s exports. Village industries contributed Rs 75,000 crore to the Indian economy last year and it is anticipated that this figure may go upto Rs 1 lakh crore this year. Our target is to raise the contribution of SME sector’s contribution to country’s growth to 50% from in the next 5 years so that we can achieve our target of making India a $5 trillion economy,”said Shri Nitin Jairam Gadkari, Hon'ble Union Minister, Ministry of MSME, Government of Indiaat the Seventh Edition of MSMEs Excellence Awards & Summit “MSMEs – Growth Engine of India’s Economy” organised by ASSOCHAM to acknowledge the inestimable contributions made by MSMEs to various sectors of the economy.

Addressing the distinguished gathering, Shri Pratap Chandra Sarangi, Hon’ble Minister of State, Ministry of MSME, Government of India said, “SME sector’s contribution to GDP and exports need to go much higher for the up-liftment of masses. For the nation to grow as a whole, we need to research, manufacture and develop in India. Government is supporting and promoting MSMEs through initiatives to enhance ease of doing business,give them access to market etc. but these efforts need to be expanded given the vastness of this great country.”

Talking about the support MSME sector need from the government, Shri Deepak Sood, Secretary General, ASSOCHAM said, “MSMEs will play the most crucial role in making India a 5 trillion economy and this requires ramping up of SME ecosystem in the country and in turn improve the country’s global competitiveness.”

He further added, “It is critical to building upon the digital literacy in MSMEs to ensure that they make optimal use of the technology enabled platforms. With their inherent capabilities to grow, the digital ecosystem could be a suitable solution to help genuinely realise the potential of the sector.”

Delivering the Vote of thanks, Shri Anil Agarwal, Past President, ASSOCHAM & President Cosmos Group advocated strengthening bilateral trade links between the two countries by exploring new trade and commerce avenues. “MSME sector enormously contributes to the socio-economic development of the country and reduces income disparity.It is time for the SME sector to raise contribution to the GDP to 50% and make concerted efforts to create 5 crore more jobs in the next 5 years. I am sure today’s deliberations will bring more clarity on issues and challenges faced by the sector.”

The key highlight of the event was ASSOCHAM’s MSME Excellence Award - 2019 under the MSME of the Year, Start-up of the Year, Innovation, Women Entrepreneur, Most Promising Brand, Green Business, Fair Business Practices, CSR Activities and Cost Competitiveness category. Awards were also conferred to Banks and NBFCs under the Best MSME Bank, Best SME Lending, Micro Lending, Best SME Offering and Excellent Service Category. The winners for these awards were chosen by distinguished panel of jury which included eminent personalities from various Ministries, NSIC, Funding Agencies,Credit Rang Agencies, Consulting Firms, Corporate Houses, NGOs etc.These awards were presented by Shri Nitin Gadkari.

The other key highlight of the event was release of “Knowledge Paper” jointly by the ASSOCHAM with CRISIL Research highlighting the “MSME’s: Growth Engine of India’s Economy”. Talking about the findings of the research report, Ms. Hetal Gandhi, Director, CRISIL Research pointed out that delay in payments is always a big challenge for MSMEs and we need innovations and a speedy process to address this issue.

The day-long event included sessions on ‘Challenges & Opportunities for Indian MSMEs’ and ‘Leveraging Technology for MSMEs growth’. These sessions were attended by senior government officials,industry stalwarts, NGOs and representatives of various industry associations.