MSME sector emerges as growth engine of economy: RBI

ANI
25 Feb 2021, 13:25 GMT+10

New Delhi [India], February 25 (ANI): The Micro, Small and Medium Enterprises (MSME) sector has emerged as the growth engine of the economy and is showing signs of revival after the Covid-led degrowth in early part of the current financial year (2020-21), Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday.

"MSME has emerged as the growth engine of the economy with a vast network of about 6.33 crore enterprises contributing 30 per cent of our nominal Gross Domestic Product (GDP) and 48 per cent to exports," he said while addressing an event on the occasion of 185th Foundation Day Celebration of Bombay Chamber of Commerce and Industry.

The sector has been rendered vulnerable by the pandemic necessitating concerted effected effects to combat the stress and focus on the revival of the sector, he added.

The central bank made crucial interventions to support the economy's critical sector, he said.

Das called for increasing digital payment and digital penetration across the country.

"As digital capabilities improve and connectivity becomes omnipresent technological innovation and technology-driven revolution are poised to quickly and radically change India's economy," he said.

He said digital technology has the potential to raise the productivity of agriculture, manufacturing and businesses as well as improve the delivery of public services like healthcare and education.

"In the financial sector this could lead to higher financial inclusion, lesser information asymmetry and reduced credit risk," he added. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

New French law targets smoking near schools, public spaces

PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...

Methionine Restriction Could Extend Lifespan, Boost Health

VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...

Federal judge blocks President Trump's asylum ban at the Southern border

Washington, DC [US], July 3, ANI: A federal judge on Wednesday blocked United States President Donald Trump's asylum ban at the Southern...

3 indians abducted from factory amid al-Qaeda linked terrorist attack; India urges Mali to secure their safe, swift release

New Delhi [India], July 3 (ANI): The Ministry of External Affairs (MEA) has expressed deep concern over the abduction of three Indian...

Quad focused on territorial integrity, sovereignty and rule of law, says US State Department's Mignon Houston

Washington, DC [USA], July 3 (ANI): The Quad Foreign Ministers' Meeting (QFIM) held in Washington placed strong emphasis on the importance...

Congress' Hanumanth Rao visits Sigachi Pharma Factory explosion site, meets survivors

Sangareddy (Telangana) [India], July 3 (ANI): Telangana's Senior Congress leader V. Hanumanth Rao visited the Sigachi Pharma Factory...

International

Section