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LATEST NEWS UPDATES | Increasing MSMEs’ share in GDP to 40% by 2025 is a herculean task: AIMA

Increasing MSMEs’ share in GDP to 40% by 2025 is a herculean task: AIMA

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published Published on Jan 23, 2022   modified Modified on Jan 25, 2022

-Financial Express

Ease of Doing Business for MSMEs: Former MSME Minister Nitin Gadkari in 2020 had set a target of increasing MSMEs’ share in exports to 60 per cent from 48 per cent and 5 crore additional jobs by 2025 apart from the jump in GDP share.

Ease of Doing Business for MSMEs: Increasing MSMEs’ contribution to India’s gross domestic product (GDP) from nearly 30 per cent to 40 per cent by 2025 is a herculean task for which government, institutions, and banks have to provide big support to MSMEs, according to management profession body All India Management Association (AIMA). Addressing the association’s 11th convention on MSMEs, JS Juneja, AIMA MSME Committee Chairman and one of its past President said, “MSMEs have a responsibility to go from 30.5 per cent contribution to GDP, which is nearly $1 trillion, to 40 per cent or $2-trillion contribution of targeted $5-trillion economy in five years which is a herculean task.” AIMA represents over 38,000 members and close to 6,000 corporate/institutional members through 67 local management associations in India.

“We need growth of at least 10 per cent to reach that target. So, the government and institutions have to provide big support to MSMEs. Bankers also have to provide resources such as lending to MSMEs although they are scared for it being a high-risk area,” Juneja said in his address on Friday. Former MSME Minister Nitin Gadkari in 2020 had set a target of increasing MSMEs’ share in exports to 60 per cent from 48 per cent and 5 crore additional jobs by 2025 apart from the jump in GDP share. MSMEs sector had created 11 crore jobs in India, Gadkari had said at an online event in October 2020.

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Financial Express, 23 January, 2022, https://www.financialexpress.com/industry/sme/msme-eodb-increasing-msmes-share-in-gdp-to-40-by-2025-is-a-herculean-task-aima/2413579/?fbclid=IwAR2Ni0stdJR56d8FhEZrmZuyNbX7H2U6i74mal3E-pEFRIBkSMjiC3Jnoeo


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