Economic package for MSMEs to energise local industry: Union Minister Nitin Gadkari

Union minister Nitin Gkari on Wednesday welcomed relief pack for MSME sector, saying it will re-energize indigeus industry. In a video mess from Nagpur, minister for MSMEs and Ro Transport & Highways said turver of vill industry has been around Rs 88,000 crore, which government aspires to take forward to Rs 5 lakh crore in next two years. He said stimulus pack will help achieve this target in a big way. Khi sector will play a big role in this as it is entering into exports also.

'Ecomic pack for MSMEs to energise local industry'

minister was upbeat over change of definition of MSME sector.  Raising of investment limit in this sector to Rs 100 crore will give great boost to industry, which will w get easy finance from banks. sector was demanding this revision for long, he said. Fund of Funds, which has a corpus of Rs 10,000 crore, will benefit over 25 lakh MSMEs under stress. Similarly, easing of global tendering rm is a remarkable step, he said.

Gkari expressed hope that w new orders will be received from Defence and Police for uniforms, etc. He said, ecomic support to this sector which gives employment to over 11 crore people and contributes nearly 29 per cent to GDP, can never be forgotten by stake holders of this sector. He expressed confidence that MSME, vill and cott industry sector will grow to new heights with support of this pack.