President Ram Nath Kovind on Wednesday said that the Micro, Small and Medium Enterprises sector was the second largest employment provider after agricultural and was aptly called the backbone of the economy.
Observing that the country’s demographic dividend shall be most gainfully utilised in this sector, he said that it generates more employment opportunities at a lower cost of capital and importantly, creates jobs in rural and backward areas.
“This sector can help in achieving the goal of inclusive growth through empowerment of weaker sections and decentralisation of development,’’ he said.
He was speaking after inaugurating the Udyam Sangam-2018, organised by the Ministry of Micro, Small and Medium Enterprises to celebrate the second United Nations Micro, Small and Medium-sized Enterprises Day.
On this occasion, he launched the Solar Charkha and MSME Sampark Portal.
Mr Kovind said that the Udyam Sangam-2018 was an important effort in developing effective eco-systems for MSME sector.
He noted that the Sangam will provide representatives of finance, training and educational institutions, industry, media, state governments and NGOs an opportunity to engage in extensive discussions to strengthen the eco-systems in the sector.
The ‘Sampark Portal’, will be useful in developing skill-pool and in enabling trained youth to know about different employment opportunities, he added.