The government will ensure an inflow of Rs 1,000 crore to Karnataka, by supporting the start-ups in MSME sector.
The ongoing India Manufacturing Show (IMS) and its concurrent show Taiwan-promoted Emma Expo 2014 in Bangalore have stressed the importance of the MSME sector, according to a report by autocarpro.in.
Both IMS and Emma Expo highlighted the auto and allied sector growth in MSME segment in India. Ananth Kumar, Union minister for Chemicals and Fertilizers, who inaugurated the three-day event, said the union government would release new policy for MSME sector soon. He said, “We should derive inspiration from prime minister Narendra Modi’s Independence Day speech that appealed to promote ‘Made in India’ products across the world.”
He said the manufacturing sector should double its contribution to the country’s GDP. As part of the union Budget, he said the government has announced Rs 10,000 crore towards venture capital for start-ups. The government will ensure an inflow of Rs 1,000 crore to Karnataka, by supporting the start-ups in MSME sector.
HVS Krishna, chairman, IMS Foundation, said that manufacturing sector contributes 13 per cent to the country’s GDP, of which 45 per cent comes from MSME sector that employs around 70 million people in the country. Over all, more than 25 per cent of the participants are related to the automotive industry while the remaining exhibitors cater to the needs of various sectors like industrial engineering, aerospace and electronics and assembly.
Walter Yeh, Executive Vice-President, Taipei World Trade Centre (TWTC) said “Many of our top firms are exploring joint ventures in India to tap the huge potential for industrial products spanning electronics, machinery, moulds, automobile components and accessories. Through auto parts, electronics, machinery and moulds offerings in the expo, our firms are offering $24 million worth of business opportunities as against $12.4 million worth of business generated at its previous in 2013."