GST to boost MSME competitiveness & help industry contribute $280 b to GDP by 2026: Study
Industry is estimated to contribute $280 billion to India’s GDP by 2026 as a positive fall-out of the Goods and Services Tax, says a joint report titled ‘Emerging Mantras for Bankers-Borrowers’ prepared by industry chamber Assocham and Ashvin Parekh Advisory Services. The report cites that GST will benefit micro, small and medium enterprises (MSMEs) by bringing in many positive inputs. Industries in MSME sector such as online retail, logistics, manufacturing and textiles would have a larger impact and also a better flow of funding to their business, the report said.
Lean manufacturing & technology upgradation are tools to make India a manufacturing hub: Kalraj Mishra
Union MSME Minister Kalraj Mishra has said development of MSMEs is possible only with innovation and R&D. While inaugurating the 7th Indian Stainless Steel Houseware Show 2017 Festival in Bangalore, Mishra said that facilities in the field of Stainless Steel have been expanded through technology. MSME Ministry has started the National Manufacturing Program to connect MSME with affordable manufacturing, design and latest technology, he informed. The Minister added that the manufacturing sector is very important in today’s era. Lean manufacturing and skilled manpower are required to emerge India as a manufacturing hub.
Inaugurated 7th Indian Stainless Steel Houseware Show 2017 in Bangalore. pic.twitter.com/sZaRHKciA0
— Kalraj Mishra (@KalrajMishra) July 7, 2017