MSMEs must create 5 crore jobs: Gadkari

New Delhi: Union Minister Nitin Gadkari said on Friday that unemployment is a major challenge and MSMEs must create five crore jobs in five years to address the issue as India aims to become a $5-trillion economy.

Currently, micro, small and medium enterprises (MSMEs) contribute 29 per cent to the country's gross domestic product (GDP) and have created 11 crore jobs in recent years.

Stating that Prime Minister Narendra Modi has set a target of India becoming a $5-trillion economy, the Union transport and MSME minister said MSMEs will have to raise their contribution to GDP to 50 per cent and also create five crore more jobs in the next five years to achieve this objective.

"Unemployment is the biggest challenge facing us. Eleven crore jobs have been created and you (MSMEs) have to generate 5 crore more jobs in the country in five years," he said at the 6th India International MSME Expo here.