MSMEs are backbone of our economy

President of India, Ram Nath Kovind said today that micro, small and medium enterprises are called the backbone of our economy. Inaugurating the ‘One District One Product’ Summit today in Lucknow, he said these enterprises are engines of inclusive development.

After the agricultural sector, he said that most people find employment in this sector. This sector generates more employment opportunities at a lower cost of capital and and the most important thing about this sector is that it creates jobs in rural and backward areas, he added.

President 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, he said that 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.

Under the ‘One District One Product’ scheme, President said that the state government has set a goal of providing employment to 25 lakh people in five years through the financial assistance of Rs. 25,000 crores. 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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