FDI will not hurt small enterprises, says new MSME minister
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FDI will not hurt small enterprises, says new MSME minister

Last Updated: Monday, October 29, 2012, 17:52
 
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FDI will not hurt small enterprises, says new MSME minister
New Delhi: After taking charge as the new MSME Minister, K H Muniyappa Monday sought to allay fears of FDI hurting home-grown small enterprises.

"With FDI coming in (single-brand retail), it does not mean that it will be a problem for indigenous (small) industry," he said here after taking charge as the Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSME).

"Our people have to make quality products at par with international ones, to compete globally," he added.

Muniyappa, 64, replaced Vayalar Ravi who had additional charge of the Ministry. Prior to this, Muniyappa was the Minister of State for Railways.

Last month, the government tweaked sourcing norms for FDI exceeding 51 percent in single-brand retail and diluted the previous condition to source 30 percent of requirements "mandatorily" from MSMEs, by stating that sourcing should be done "preferably from MSMEs".

On raising the sector's contribution to total exports, Muniyappa said, "We have to increase the share of MSMEs in the country's total exports. It will be upwards only..."

The MSME sector contributes 8 percent of the country's GDP, 45 percent of the manufactured output and 40 percent of exports.

Further, he said the ministry will also focus on implementation of skill development programmes aimed at providing employment to more and more youths in the country.

"No educated unemployed should feel that there is no job. There is job, but it doesn't mean only the government employment. Job also means that they have to survive on their own," he said.

The MSME sector employs about 600 lakh persons employed in 261 lakh units.

PTI



First Published: Monday, October 29, 2012, 17:52


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