All stakeholders should come together to make India a developed nation, says UT Industries Secretary

Puducherry Commissioner Ashish Madhaorao More stresses need for gov't & industry to work together for economic dev't. MSMEs will be main force in making India a 5-trillion economy. Region has potential to build MSME sector & must adapt to tech needs. CII Puducherry urges skill dev't for MSMEs.

Stressing the need for the government and the industry to work in close coordination for economic development of the country, Puducherry Commissioner Ashish Madhaorao More, on Thursday said all stakeholders have to come together to make Indian a developed nation and a 5-trillion economy..

Speaking at the MSME Business Conclave organised by the Confederation of Indian Industry here, Mr. More said the government and industry will have to work together on ease of doing business, assessing environmental impact, financing business ventures and labour laws.

“The MSMEs will be the main force in making the country a developed nation and a 5 trillion economy. The sector is the future as it has the potential to provide maximum employment opportunities to local people. It will be the driving force of Indian economy. We will have to be vocal for local but at the same time have to think on a global perspective,” Mr. More, who handles the Industries and Commerce portfolio, said.

The Union Territory, he said, has got a huge potential to build its MSME sector. The region is known for its historical trade ties, he added. “Centuries ago, Puducherry used to trade with the Roman empire and other parts of the world. Places such as Arikamedu stands as an example for the Union Territory’s trade ties. It means, historically, people of the region were enterprising,” he added.

He also urged the Industry to adapt to the technological needs of the present day.

A. Joseph Rosario, Chairman of CII, Puducherry, said the MSME sector plays a vital role in the Indian economy. It contributes nearly 30% to the nation’s Gross Domestic Product, accounts for 50% of its total exports and stands third in the country’s manufacturing output.

“It (MSME) not only has a significant economic impact but also drives innovation and creates job opportunities. In the light of the impending technological shift where machines will have a significant presence in the workplace by 2025, there is a need to prioritise skill development for MSME. Identifying and implementing re-skilling and up-skilling initiatives for employees is imperative,” he said.