New Delhi, August 16: Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari on Sunday said that the government is planning to increase the export of Indian products from 48 per cent to 60 per cent in next five years and generate five crore jobs under Atma Nirbhar Bharat initiative. Currently, India's MSME contributes 30 per cent in revenue generation of India's GDP.

Addressing the Swavalamban E-Summit 2020, Gadkari said, as quoted by news agency ANI, "Our MSME sector has a huge contribution in the development of our country. 30% of GDP growth rate comes from MSME, 48% of our exports are from MSME and till now we have created 11 crore jobs." Adding more, he said, "I believe and think that in the coming 5 years, we should increase it to at least 30 per cent to 50 per cent, 48 per cent to 60 per cent of exports and create 5 crore new jobs." RBI Extends MSME Debt Restructuring for Small Businesses Till March 2021.

Apart from this, the Union Minister stated that unregistered enterprises need to register themselves under the micro-industry to get the benefit of MSMEs. Gadkari said that it's high time that small traders and NGOs need to be encouraged to get registered under MSME to boost development in the sector.

Here's what Nitin Gadkari said:

Earlier on Saturday, PM Narendra Modi during his independence day speech focused on the themes of 'Atma Nirbhar Bharat (self-reliant India)', 'vocal for local' and 'Make in India to make for the world'. He also said that about 7,000 projects of different sectors have been identified to bring a new revolution in infrastructure.

(The above story first appeared on LatestLY on Aug 16, 2020 12:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).