Chennai: Stating that the MSME sector accounts for 45 percent of the country's manufacturing output, Union Minister Kalraj Mishra on Saturday said it was "essential" to make products manufactured by MSMEs "more competitive" and "cost effective".
"Today's global environment has brought in new opportunities and challenges before micro, small and medium enterprises. They have to be content against larger volumes of mechanised production, better designs and marketing of products at lower costs," he said at the annual three-day event SOUMEX 2014 here.
"It is therefore essential for us to devise methods to make the products of our MSMEs more competitive and cost effective," he said. "Prioritising credit to MSMEs, training and incubation, performance and credit rating scheme, technology upgradation are some of the steps taken by my Ministry to assist MSMEs compete in the global market," he said.
According to him, the MSME sector accounts for about 45 per cent of the manufacturing output and over 40 per cent of national exports of the country. "In recent years, the MSME sector has consistently registered a higher growth rate compared to the overall industrial sector," he said.