Small industries drove Indian economy to 4th slot globally, says MP CM

Bhopal, Aug 24 (PTI) Madhya Pradesh Chief Minister Mohan Yadav said on Sunday that over six crore micro, small, and medium enterprises were contributing around 30 per cent to the GDP and 45 per cent to total exports of India, and described MSMEs as the backbone of the economy.

"India has emerged as the world's fourth largest economy and a major share of credit goes to small industries," the chief minister said after inaugurating the newly-constructed state office of Laghu Udyog Bharati in Govindpura industrial area.

He said small and cottage industries are the backbone of the Indian economy, and their growth would strengthen the nation.

More than six crore MSMEs are contributing around 30 per cent to the GDP and 45 per cent to total exports, the chief minister said, while stressing the need for giving equal opportunities to industries across regions for balanced development. He announced that mortgaged properties would be released immediately after repayment of institutional or bank loans, including for MSMEs.

"We will walk step by step with industrialists to expand industries while ensuring the welfare of all sections of society," Yadav said.

He said MSME industries would receive all approvals related to their establishment within a fixed timeline under a work plan.

The chief minister noted that entrepreneurs setting up employment-based industries in Madhya Pradesh were being given incentives, while provisions of subsidies were also being extended for new ITIs, polytechnic colleges, and engineering colleges.

Highlighting the government's efforts to promote research, Yadav said discussions were underway with the Indian Institute of Technology (IIT) Indore to set up study centres with domestic and foreign institutions.

Underlining the need to revive small industries to strengthen the economy, Yadav said, "Small industries are not just factories; they are the largest generators of employment. MSMEs are the bridge that connects hardworking hands with big markets.” PTI LAL NSK