The government is working on an Alibaba-like e-marketplace for micro, small and medium enterprises (MSMEs) which is expected to bring a turnover of around Rs 10 lakh crore over the next two to three years, Union MSME minister Nitin Gadkari said.
“We are developing an e-market portal like Alibaba. We will call it Bharat Craft. This will provide a direct interface between buyers and sellers. In the next 2-3 years this portal will bring a turnover of about 10 lakh crore to the MSME sector,” Gadkari said via an email communication. The government is looking at the MSME sector for its huge potential to generate income and employment, boost exports and its contribution to economic growth.
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Currently, MSMEs contribute around 29% to the country’s GDP. “We will take this to 50% in the next five years. The sector gives employment to about 11 crore people currently, we will take this to 15 crore in the next five years,” Gadkari said.
Source: Economic Times
