On Sunday, March 1st, union minister Nitin Gadkari announced that the government is working on providing a massive stimulus to the micro, small and medium enterprises (MSMEs) segment in India. Mr Gadkari made the announcement at the Bunts Star Achievers Awards 2020, organised for the first time, by the Indian Bunts Chamber of Commerce & Industry (IBCCI).
Speaking about the urgent need for a dedicated institute for enterprises and entrepreneurship in the country, he said, “MSMEs account for 48 per cent of the exports and employ 11 crore people. We are giving a major boost to the MSME sector…it drives the economy. We need fast decision-making and that is the hallmark of this government.”
He further claimed that India continues to be the fastest-growing economy, despite the economic recession affecting the entire world. He added that holistic thinking is imperative to prevent delays in the infrastructural development of the country, saying, “What matters is the conversion of knowledge to wealth and waste to wealth. Environment and development must go together.”
Union chemicals and fertilizer minister Sadananda Gowda also echoed his words, stating that during the tenure of the BJP-led NDA government, the ease of doing business in India has improved massively, earning it a World Bank global ranking of 63, compared to the earlier 134.
He attributed a massive part of this improvement to the GST policy introduced by the NDA government, saying “GST Council is an autonomous body and in the last two-and-a-half years there has not been a single incident of dissent. By 2025, Rs 100 crore worth infrastructure projects are coming up.”