Union Minister Piyush Goyal Highlights Importance of MSMEs at 10th India International MSME Startup Expo & Summit 2024
New Delhi [India], August 24: Union Minister Piyush Goyal emphasized that Micro, Small, and Medium Enterprises (MSMEs) should not be viewed as merely small businesses as they are successful and provide employment to millions, playing a crucial role in nation-building.
At the 10th India International MSME Startup Expo & Summit 2024 in New Delhi, Goyal highlighted the government’s support for the MSME sector through Quality Control Orders (QCO). He stated that innovative ideas and new ways of doing things are the hallmarks of MSME entrepreneurs. The entire ecosystem around big industries and enterprises comprises thousands of MSMEs, without whom they cannot succeed. MSMEs act both as suppliers and customers of big industries.
Goyal also noted the significant role MSMEs play in the tourism and infrastructure sectors and their substantial contribution to India’s exports. He stressed that the growth of the MSME sector is crucial for the country and remains a key focus for the government. The Minister added that when 140 crore Indians unite in the effort of nation-building, India will achieve developed nation status by 2047, ensuring prosperity for all.
Goyal highlighted that through QCOs, the government is supporting the MSME sector. “We are giving time to MSMEs to meet the requirements,” he said, adding that MSMEs will benefit due to two reasons. QCOs stop substandard goods imported at strange rates from outside the country and thus help the MSME sector by protecting it from unfair competition. Secondly, when MSMEs meet the standards, they can become competitive both nationally and internationally and become profitable. There are numerous examples of how the QCOs have benefitted individual sectors,” he added.
Doubts Revealed
Union Minister -: A Union Minister is a member of the government who is in charge of a specific department or ministry. They help make important decisions for the country.
Piyush Goyal -: Piyush Goyal is an Indian politician who is currently serving as a Union Minister. He has held various important positions in the government.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that play a big role in the economy by creating jobs and producing goods and services.
10th India International MSME Startup Expo & Summit 2024 -: This is an event where people from small businesses and startups come together to share ideas, learn new things, and find ways to grow their businesses. It is the 10th time this event is happening.
New Delhi -: New Delhi is the capital city of India. It is where many important government buildings and events are located.
Quality Control Orders (QCO) -: Quality Control Orders are rules set by the government to make sure that products meet certain standards of quality. This helps protect consumers and ensures that products are safe to use.
tourism -: Tourism is when people travel to different places for fun, adventure, or to learn about new cultures. It is an important industry that helps the economy by creating jobs and bringing in money.
infrastructure -: Infrastructure refers to the basic physical systems of a country, like roads, bridges, and buildings. Good infrastructure is important for the smooth functioning of a society.
developed nation by 2047 -: A developed nation is a country with a high standard of living, good infrastructure, and a strong economy. India aims to become a developed nation by the year 2047, which will be 100 years after its independence.
