Economic package to support MSME, village, cottage sector, says Nitin Gadkari
- Welcoming the ₹20 trillion package, the minister said that the financial package will take for MSME, cottage and village industries to new heights
- The minister said that economic slowdown due to the outbreak of covid-19 is a blessing in disguise and urged everyone to strive to maintain positivity
Micro small and medium enterprises (MSME) minister Nitin Gadkari on Tuesday said that the economic package announced by Prime Minister Narendra will support small businesses hit by the outbreak of the global pandemic.
Welcoming the ₹20 trillion package, the minister said that the financial package will take for MSME, cottage and village industries to new heights.
MSMEs, considered key drivers of job creation and economic growth, have been the worst hit by the nationwide lockdown that brought economic activity to a halt. MSMEs account for about 45% of manufacturing output, more than 40% of exports, over 28% of gross domestic product (GDP).
The minister said that economic slowdown due to the outbreak of covid-19 is a blessing in disguise and urged everyone to strive to maintain positivity and self confidence to take the country towards a higher growth trajectory.
"Prime Minister's support to this sector which gives employment to over 11 crore people and contributes nearly 29% of GDP, can never be forgotten by all the stakeholders of this sector," Gadkari said.
Earlier in the evening, Prime Minister announced the much awaited economic package to help businesses, poor, farmers, the middle class, among others, tide through the covid-19 crisis. Modi also promised sweeping reforms across various sectors that will push the country towards self-reliance.
The contours of the package will be announced by the Finance Minister Sitharaman Wednesday onwards.
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Business NewsPoliticsPolicyEconomic package to support MSME, village, cottage sector, says Nitin Gadkari
First Published:12 May 2020, 10:30 PM IST
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