Msmes Vital For India's Goal To Become Third-Largest Economy: CM Patel
(MENAFN- KNN India)
Gandhinagar, Aug 9 (KNN) Gujarat Chief Minister Bhupendra Patel emphasised the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in India's ambition to become the world's third-largest economy.
Speaking at the launch of the Indo-American Chamber of Commerce (IACC) MSME Centre of Excellence in Ahmedabad on Thursday, Patel underscored the importance of these enterprises in the nation's economic growth.
"The IACC-MSME Centre of Excellence will serve as a bridge between MSMEs in Gujarat and American companies," Patel stated, pledging the state government's support as a facilitator for MSME growth.
He highlighted Gujarat's economic significance, noting that despite occupying only 5 per cent of India's landmass, the state contributes 8.63 per cent to the national GDP and hosts 100 Fortune 500 companies along with 19.8 lakh registered MSMEs.
Patel expressed confidence in Gujarat's pivotal role in achieving the goal of a developed India by 2047, citing the state's comprehensive road infrastructure and round-the-clock electricity supply to villages.
He stressed the importance of maintaining high-quality services and infrastructure.
IACC National President Pankaj Bohra outlined the challenges faced by Indian MSMEs in accessing the U.S. market, including lack of capacity, awareness of good manufacturing practices, quality certification requirements, and export documentation.
He explained that the new Centre of Excellence in Ahmedabad aims to address these issues through training, market information dissemination, and buyer meets.
The IACC, a bilateral chamber of commerce promoting India-U.S. trade, operates 14 offices across India and collaborates with 38 partner organisations in the U.S.
The chamber has been instrumental in fostering bilateral trade, which reached USD 200 billion last year.
(KNN Bureau)
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