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2014-05-12

SMEs growth linked to country\'s overall well-being: Montek Singh Ahluwalia

Montek Singh Ahluwalia, Deputy Chairman, Planning Commission attended the recently held India Economic Outlook Conclave organised by the SME Chamber of India. He said that given the investment practice in the country (of about 32 per cent of GDP), any government of the day must be able to deliver a growth rate of 7 to 7.5 per cent.

Montek Singh Ahluwalia, Deputy Chairman, Planning Commission attended the recently held India Economic Outlook Conclave organised by the SME Chamber of India. He said that given the investment practice in the country (of about 32 per cent of GDP), any government of the day must be able to deliver a growth rate of 7 to 7.5 per cent.

 

He further added that if the new government acts correctly, then it should be easy for the country to return to the high growth path. “There is a good chance that if they do the right thing, we will see the economy returning back to a higher growth path,” he added.

 

Ahluwalia also said that small and medium enterprises (SME) growth in the country is linked to the overall well-being of the economy. “It is not possible to solve the problems of SMEs except in an environment of general economic growth,” he said.

 

He also added that the industry did not capitalise on the years of high economic growth.

 

“It is true that the industry has not performed up to expectations. During the years when the economy was growing at 8 per cent, the industry was growing at only 6 per cent. There is no reason why manufacturing should not grow at a double-digit growth. We need to find out why the industry did not do well,” he added.

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