Minister of State (MoS) for External Affairs General Vijay Kumar Singh has said that power and sustenance of an economy rests on the back of MSME sector of that nation. While addressing a gathering on the third and last day of 4th India International MSME & Startup Expo in New Delhi, the MoS went on to say that the sector will play a big role in nation building.

“When we talk of the economy of a country, we look at big names, companies and industrial complexes. But actual power and sustenance of an economy of any country rest on the MSME sector itself,” said Singh.

“The growth of MSME sector will also play a big role in nation building since 65 per cent of the population is below 35 years and we all have to create new jobs for the youth,” he added.

The Minister said that the Central Government is giving a “great push” to the start-up ecosystem in India with an aim to generate more and more new jobs and encourage youth to take up newer challenges.

“The growth of the sector will also revive our patriotic spirit and unify us to work towards the betterment of the nation,” said the MoS.

The current NDA government has taken up the development of micro, small and medium enterprises (MSMEs) as one of its prime agenda given the role played by the sector in development of the Indian economy through its massive contribution to the GDP. The other focal point is start-up ecosystem with the focus to convert ‘job seekers’ into ‘job providers’.

In order to boost MSMEs and start-up, MSME Development Forum organised the 4th India International MSME & Startup Expo from August 24 to 26. The three-day event hosted a platform for exhibitions and speaker sessions to exhibit and highlight the Central government’s key initiatives like ‘Make in India’, ‘Startup India’ for the MSME sector and start-up ecosystem. The forum aims to address various challenges faced by small and medium entrepreneurs through such platforms.