48% of exports related to MSME sector which contribute 30% to India's GDP growth: Gadkari

About 40% of India’s export is related to the MSME sector and it contributes 30% to country's GDP growth, Union Minister Nitin Gadkari said on Monday. Addressing a webinar on ‘Aatmanirbhar Bharat and MSMEs’ via video conferencing, Gadkari said that MSMEs have helped in creating 11 crore jobs in the country

The Union Minister added that the refrigeration and air conditioning industry played an important role in the sector. Apart from its use in houses, cinema halls, malls, or in the health sector, air conditioning and refrigeration is equally useful in agriculture for pre-cooling plants and cold storage.

"We have a huge capacity for production but we don't have storage capacity. That is a weakness of our agro-economy. So, there is huge potential for re-cooling plants and cold storage industry," he said.

READ | World Bank & Indian Govt Sign $750 Million Agreement To Support MSMEs Affected By COVID-19

READ | Construction, Beautification Work On For Ayodhya Bypass At Rs 55 Cr: Union Minister Nitin Gadkari

Use of solar energy

The minister noted that some industries use solar energy to reduce power cost. He recalled that the Central government has announced a special economic package of Rs 20 lakh crore, out of which Rs 3.70 lakh crore is reserved for the MSMEs. As such enterprises have a good record of exports, income tax, they will be given ratings. Nitin Gadkari said MSMEs will also be empowered to enter the capital market and raise the capital from the stock exchange.

He further expressed confidence in winning the battle against coronavirus pandemic. He said once a vaccine is developed, the problem will be resolved. "We need to understand the art of living with COVID-19. We need your co-operation," Gadkari said. The minister said the economy is facing problems due to the pandemic, including the banking sector which is under stress.

READ | Aatmanirbhar Bharat Does Not Close Doors For International Economic Activity: Piyush Goyal

READ | Coronavirus LIVE Updates: PM Launches 3 High-tech Testing Labs; Cases Cross 14 Lakh-mark

(With inputs from agency)

(Image credits: PTI)