Udaipur: On Thursday, Union Finance Minister Nirmala Sitharaman emphasized that micro, small, and medium industries are vital for transforming India into a developed nation by 2047. Consequently, they have been given special priority in the Union Budget.
She made these remarks while addressing a discussion program with MSME marble cluster units in Udaipur on Thursday evening.
“The participation of MSMEs is crucial for realizing the vision of 2047. Therefore, they have been given special priority in the budget,” she said.
She also announced that dialogue programs will be conducted with 250 MSME clusters nationwide, starting today with the Marble Cluster in Udaipur.
The minister emphasized the need to engage with stakeholders to understand the MSME industry’s needs in the Mewar region.
Sitharaman highlighted that the Small Industries Development Bank (SIDBI) is now directly providing loans to micro industries, offering significant relief and easier access to financing.
MSME Minister Jitan Ram Manjhi noted that the MSME sector plays a crucial role in reducing unemployment.
“Micro and small industries are the backbone of India’s economy, contributing 30 percent to the GDP and providing employment to 20 crore people,” he said.
He added that while the global economic growth rate is 3.2 percent, India is growing at 7 percent.
Manjhi emphasized that focusing on micro industries could elevate India to the category of developed countries.
During the program, an MoU was signed between SIDBI and the Udaipur Marble Association to promote the marble industry in Udaipur district.
Earlier, Sitharaman visited the SIDBI office on BN College Road in Udaipur.
She also handed out loan sanction letters totaling about five crore rupees to four micro, small, and medium entrepreneurs.
Finance Secretary M Nagaraju, SIDBI Chairman Manoj Mittal, Chief General Manager Vivek Malhotra, GM Ashok Pandey, and DGM Abhay Kumar Jain were also present at the event.