MSME Minister Nitin Gadkari, on Friday, stated a substantial decrease in logistics, transport and labour cost would help in the development of the manufacturing industry in India.
MSME sector currently contributes about 48 per cent to the country's export and this has to be further enhanced by means of technological upgradation and product development, Gadkari said.
Gadkari, who was addressing representatives of the Engineering Exports Promotion Council (EEPC), through virtual conference added that the country will require to strengthen its packaging and standardisation facilities to support export.
The BJP leader further added, "MSMEs which have good turnover, GST return record and income tax record will be reassessed, given a rating and thereby supported with 15 per cent equity from the government...that this will enable them to gradually raise money from the capital market, enlist themselves in the proposed MSME stock exchange and attract foreign investment".
The 63-year-old leader further suggested industries to invest about 2-3 per cent of their annual profits into research as the conversion of knowledge into wealth is important for development of the industry.