Thu, Oct 27, 2016 | updated 02:37 AM IST

MSME sector is crucial for India's progress: PM Modi

Updated: Oct 18, 2016 16:30 IST

Ludhiana (Punjab) [India], Oct. 18 (ANI): Prime Minister Narendra Modi, who today launched a hub to provide professional support to entrepreneurs from the Schedule Caste, Schedule Tribe community in Ludhiana, said the MSME sector is crucial for the country's progress.

Stating that Ludhiana is an important economic centre, Prime Minister Modi said it is natural to launch a scheme related to MSME here.

"You would have seen the trend in this government- important schemes are launched in various parts of India, not only in the capital," Prime Minister Modi said

"I am seeing a mini-India in front of me. For the economic progress of India, the MSME sector is crucial. We have to target the global market," he added.

A confident Prime Minister further said the world market is waiting for us, adding there is no need to think our enterprise is small.

"A spirit of entrepreneurship among Dalits will benefit us. There are youngsters whose dreams are to create enterprises and jobs," said Prime Minister Modi.

"Can our MSME sector only keep looking at the market in India? No. Let us look at global market and match their quality control standards," he added.

With an initial outlay of Rs. 490 crore, the hub would work towards strengthening market access/linkage, monitoring, capacity building, leveraging financial support schemes and sharing industry-best practices.

This hub would also enable the central public sector enterprises to fulfill the procurement target set by the government.

The Public Procurement Policy 2012 stipulates that four percent of procurement done by ministries, departments and CPSEs will have to be from enterprises owned by SC/ST entrepreneurs.

The MSME sector, including the service segment, is a key driver of India's economic growth as it contributes nearly 38 percent to the country's GDP and employs close to 11 crore people.

Finance Minister Arun Jaitley had in his budget speech announced setting up of the National SC/ST hub under the MSME Ministry. (ANI)