MSMEs backbone of Indian economy: Nitin Gadkari welcome investors

Transport and MSMEs minister Nitin Gadkari, addressing a webinar on "Atma Nirbhar Bharat" - "Opportunities in Solar & MSME", said the government is promoting renewable energy resources in the country, especially in the MSME sector. The event was aimed at providing a platform for MSMEs to showcase their strength, highlight business opportunities, and facilitate the dissemination of knowledge.

Gadkari said the MSMEs with a good track record are now being encouraged for the capital market. He said there is a huge opportunity for investment in scrapping policy, and that India has tremendous potential and capacity for electricity generation.

He said the solar power rate in India is Rs 2.40 per unit and a commercial rate of power is Rs 11 per unit and the cheap power generated through solar energy can be used for automobiles and other developmental works. He exuded confidence that within five years, India will be the top manufacturing hub for automobiles in the world, and that by making solar energy available, we will create a big market for electric vehicles.

The minister also invited investors abroad to invest in Indian MSMEs. Terming the MSME sector as the backbone of the Indian economy, Gadkari said the sector contributes around 30 per cent of the country's GDP and provides employment to over 10 crore people.

Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India is in fifth position in solar and fourth in renewable power installed capacity. The government has set an ambitious target for renewable energy and in particular, solar power generation, for this decade. The target for renewable energy installation is 450 GW by 2030.