New Delhi:
NK Singh, former Chairman of the Finance Commission, said on Monday that Micro, Small and Medium Enterprises (MSME) played an important role in the discovery of India, which is to become “Wikit Bharat ‘(developed India).
NDTV’s ‘Speaking on’Emerging Business- Delhi Chapter Conclave‘, Mr. Singh said that if MSMES contributes 30 percent to the country’s GDP today, he should take it up to 40 percent by 2047 to feel the vision of Prime Minister Narendra Modi’s “Wikit Bharat”.
Mr. Singh, who works as the chairman of the fifteenth Finance Commission from 2017 to 2023, also said that women empowerment plays an important role in the region.
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He said, “The role of becoming a developed economy of the MSMES sector in India is not only a supporting productivity role in terms of capital production ratio and improvement in total causative productivity, but has become a high ratio of GDP coming from the region, playing an important role to play the high ratio of women,” he said.
Asked about a World Bank report, which states that female-laid enterprises all represent 23 percent of MSME, but 31 percent of the gap of financing, Mr. Singh said that the report said that the report is inconsistently higher and needs to be addressed.
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The former Indian Administrative Service (IAS) official said that gender budgeting needs to be accelerated for government initiative.
He also said that he needs “special” assistance in becoming part of the price chain, technology and skill declining.
