Growth Of Large Enterprises Closely Tied To SME Growth: Dr Arvind Panagariya

Speaking at the Opening Session of the Global SME Business Summit, organised by CII, Dr. Arvind Panagariya, Vice Chairman, NITI Aayog, said that enterprises with less than 20 employees comprise of 73% of employment generation in the manufacturing sector. 88% of manufacturing output however is churned out by enterprises employing greater than 20 workers.

This, he opined, clearly revealed the fact that growing enterprises contribute more to the economic output as well as lead to SME growth.

Dr. Anup K Pujari, Secretary, Ministry of MSME announced that Indian MSMEs are increasingly becoming more vibrant, which has resulted in their increasing share to the country's GDP, employment and productivity. He said that the Government is constantly working towards further enhancing the capabilities of the Indian SME sector. He added that the true victory of policy makers in the SME space will be to see these enterprises' transition from small to large enterprises. The Ministry of MSME is prepared to work towards this goal with support from various stakeholders.

Ms. Partricia Hewitt, Chair, UK India Business Council emphasised on the need to strengthen partnerships and enhance trade relations between the two countries. She added that it is imperative for SMEs in both country to work closely together so they can grow together. She also confirmed that UK is working with the Indian Government and some State Governments to dismantle regulations. Many UK based firms have invested in India, many with 100% FDI, and contributed to the 'Make in India' campaign initiated by Shri. Narendra Modi, she added.

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