Nitin Gadkari stresses MSMEs’ role in innovation and economic growth

NEW DELHI : At the Grand Finale of the HSBC presents CNBC-TV18 SME Champion Awards, Shri Nitin Gadkari, Minister of Road Transport & Highways, spoke about the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving innovation and technological advancement in India.

Shri Gadkari highlighted the contributions of MSMEs to the nation’s economy and their potential to significantly reduce imports and boost exports.

Shri Gadkari praised the ingenuity and entrepreneurial spirit within the MSME sector, stating, “The small people with startups and MSMEs have a lot of new inventions and new technology. Innovation, entrepreneurship, science, technology, research, scale, and successful practices are the future. The conversion of knowledge into wealth is crucial.”

He detailed the government’s efforts to support MSMEs through financial provisions without the need for bank guarantees. “We have made a special provision for a ₹400 crore loan, backed by a trust and government funding, to finance MSMEs without requiring collateral guarantees. If there is any issue, the government will cover the liability,” he explained.

Shri Gadkari also shared insights into advancements in agricultural technology, particularly the development of nano fertilisers. “By using nano urea and nano mix fertiliser, we have significantly reduced waste and increased efficiency. In my area, instead of using eight bags of fertiliser per acre of sugarcane, we now use only four bags with improved results,” he said.