MSMEs Key to Nation Building, Employment, and Supply Chains: Piyush Goyal

GG News Bureau
New Delhi, 25th August. Union Commerce and Industry Minister Piyush Goyal emphasized the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in nation building, employment generation, and supporting large industries.

Speaking at the 10th India International MSME Startup Expo & Summit 2024 in New Delhi, Goyal highlighted the significant contributions of MSMEs to the economy and their vital position in the supply chain ecosystem.

“MSMEs should not be underestimated as merely small enterprises,” Goyal stated.

“They are a formidable force, essential to our nation’s strength and prosperity. They provide employment to millions of countrymen and play a pivotal role in nation building.”

He praised MSME entrepreneurs for their innovative ideas and adaptability, noting that big industries rely heavily on MSMEs both as suppliers and customers.

Goyal also underscored the importance of MSMEs in tourism, infrastructure development, and India’s export sector. He described the sector as a focus area for the government, with its growth seen as integral to the country’s ambition of becoming a developed nation by 2047.

The Commerce Minister further elaborated on the benefits of Quality Control Orders (QCOs) for MSMEs. “QCOs are designed to protect MSMEs from unfair competition by preventing the influx of substandard goods at unfair rates from abroad,” he explained.

“They also provide MSMEs with the opportunity to meet international standards, thereby enhancing their competitiveness and profitability.” Goyal cited numerous examples of how QCOs have positively impacted various sectors.