MSME sector crucial to make India $5 trillion economy: Sonowal

Assam Chief Minister Sarbananada Sonowal on Friday said the Micro, Small and Medium Enterprises (MSME) sector has a crucial role to play in making India a five trillion dollar economy by 2024. The sector is a prime driver of growth with their contribution to output and employment in all economies, the chief minister said while inaugurating a two-day North East MSME Summit for SC and ST entrepreneurs here.

"The MSME sector is a critical component of India's growth story, making significant contributions to GDP, employment and exports. Its total contribution to the GDP is around 38 per cent," Sonowal said.

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With around 95 percent of all industrial units forming a part of this sector, they constitute a cornerstone for economic prosperity in our society, he added. He also thanked the Ministry of MSME and CII for organizing the summit which would help the youth of North East empower themselves and create avenues for themselves and others. Sonowal also appealed to the entrepreneurs to take the benefits of the National SC/ST hub to add capacity building. On the occasion, Union Minister of State for MSMEs Pratap Chandra Sarangi said, "Entrepreneurs associated with food processing, handloom, tea, bamboo, fishery, organic farming hold immense potential as value addition to the products from these sectors can create good avenues of industrialization."

After agriculture, MSME is the second most important sector where maximum number of people are involved, he said.

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