Micro, small and medium enterprises are the backbone of India's economy : Kovind

Underlining the pivotal role of micro, small and medium enterprises in India’s economic resurgence, President Ram Nath Kovind inaugurated the ‘One District One Product’ Summit on August 10 in Lucknow, the capital of Uttar Pradesh, the country’s most populous state. Speaking on the occasion, the president said that micro, small and medium enterprises are called the backbone of India’s economy. “These enterprises are engines of inclusive development. After the agricultural sector, most people find employment in this sector. This sector generates more employment opportunities at a lower cost of capital. And the most important thing about this sector is that it creates jobs in rural and backward areas,” he said.

Mr Kovind noted that Uttar Pradesh contributes around 44 per cent in the total handicraft exports of the country. Industries such as handicrafts, food processing, engineering goods, carpets, readymade clothes, leather goods etc earns foreign exchange as well as provide employment. Therefore, this sector will play an important role in the development of Uttar Pradesh. He expressed confidence that the ‘One District One Product’ scheme will enhance skills of local people as well as increase the reach to products. And it will result in economic progress of artisans of Uttar Pradesh.

The president noted that under the ‘One District One Product’ scheme, the state government has set a goal of providing employment to 2500000 people in five years through the financial assistance of Rs. 25,000 crores (around $3.5 billion). He expressed hope that this scheme will create large number of employment opportunities for the youth and strengthen the inclusive and sustainable development of Uttar Pradesh.

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