MSMEs growth engines of Indian economy: SVU V-C

Tirupati: SV University Vice Chancellor Prof K Raja Reddy said MSMEs in the country are well known for their flexibility and cost-effectiveness which make their products highly competitive in the global market and offer opportunities for export growth.

He was addressing the inaugural session of the 2-day vendor development programme-cum-buyer-seller interaction meet & industrial exhibition here on Monday. It was organised by the MSME Development Institute of the Government of India, Visakhapatnam, in association with Veeranjaneya Printers and Toners Association. Prof Reddy said MSMEs play an important role in the Indian economy in terms of employment generation, export promotion and overall economic growth. MSMEs are the largest employers as they employ 110 million people and contribute about 30 percent of the country's GDP, he added.

Out of total exports from the country, MSME exports have a share of about 48 percent, he said, adding that SV University has been recognised as a nodal agency for MSMEs by the Government of India. He said they are ready to extend any type of support for the growth of MSME incubators.

OSD in TTD KN Ramakrishna, SBI AGM A Murali, Ramanjaneya from SCR, RINL AGM PSS Prasad, V Vijay Bhaskar, Secretary, Veeranjaneya Printers & Toners Association, In-charge Assistant Director, MSME-DFO, Visakhapatnam GVR Naidu, GM, District Industries Centre, Tirupati, Prathap Reddy and others participated in the programme.

The CPSUs, bankers and others have been interacting with participating MSMEs during the two-day programme. Around 250 prospective and existing entrepreneurs have been participating for business interaction from the SME sector. The CPSUs give detailed presentations on their vendor perspective, policy, scope for vendor enlistment and indigenisation under Make in India initiative.