Speaking at a conference 'Towards Excellence in MSMEs: Innovation Practice for Global Competitive', Finance Secretary, Ashok Chawla said, "The SME sector's contribution to GDP of the country is around 8 percent and is expected to contribute double-digit to our gross domestic product."

"This is the sector which has a great contribution to the growth story. The growth story has to move and will move to a higher level up to 10 percent, which is what the country needs, people need...," he added.

Chawla underscored that India needs to remove poverty in the country and that is what the government wants as well. "...and, the MSME sector's contribution will add to the higher level of growth story in India."

He also emphasised on MSME’s need to adopt the best practices and also use innovative practices, upgrade their technology, improve marketing links and promotional activities and access to potential finance, the finance secretary added.

According to the last available data, the micro and small enterprise (MSE) sector shares 7.20 percent in the GDP in the year 2006-07. The latest report of Prime Minister's Task Force on MSMEs said that the sector contributes 8 percent of the country's GDP, 45 percent of the manufactured output and 40 percent of its exports providing employment to about 60 million persons through 26 million enterprises.