MSME contribution to exports remains stable | SupportBiz

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MSME contribution to exports remains stable

 
The contribution of micro, small and medium enterprises (MSMEs) in the country’s exports has largely remained stable, stated Virbhadra Singh, Union Cabinet Minister for MSMEs, in response to a question in the Lok Sabha, according to India Mart.

"The share of MSMEs in exports, as compared to organized sector, has remained fairly constant in those export segments which are primarily based in the MSME sector, such as agricultural and processed food products, engineering goods, lac-based products, leather and leather products, readymade garments," Singh stated.

Singh stated that the contribution of certain sectors such as chemicals, pharmaceuticals, plastic products and cosmetics to the country’s exports has comparatively gone down. The reason behind this is the growth of the industry, which has caused MSMEs to become large-scale units.

"The contribution of micro and small enterprises in the Gross Domestic Product (GDP), as per latest available data, was 8.72 percent in 2008-09, 8 percent in 2007-08 and 7.2 percent in 2006-07," the minister said.

Singh also stated that the total number of people employed in MSMEs in India went up to 594.61 lakh in 2006-07, while it was just 249.32 lakh in with reference year 2001-02.