Why each state of India needs an MSME university
Description
To boost employment generation through MSMEs, skill formation can be considered from two angles—labour and entrepreneurs. To skill labour, there are already many skilling centres and more can be established. The government, in continuation of its earlier efforts, has initiated numerous measures to encourage MSMEs in this year's Union Budget. The Union minister for MSME has also observed that 5 crore opportunities would be created in the next one year. In fact, MSMEs contribute nearly 8% of national GDP, employing over 11 crore people in six crore enterprises, and account for 45% of manufactured output and 40% of exports of India. The Prime Minister has been making a pitch for Make-in-India and encouraging foreign manufacturers to set up units in the country. MSMEs are important for generating employment in the country, where over 10 lakh people join the workforce every month and nearly 1.5 crore every year. To accommodate such a large population joining the workforce annually, for the next few decades employment opportunities in agriculture, banking, financial services and government jobs cannot increase commensurately. Further, in view of the fact that large industry, to stay competitive, would rigorously pursue automation and artificial intelligence, the burden of job creation and absorption of increasing labour force can only be performed by MSMEs. Read more at: https://www.financialexpress.com/opinion/why-each-state-of-india-needs-an-msme-university/1079113/
Copyright Date
February 2018
Publication Date
26-2-2018
Publication Title
Financial Express
Publisher
The Indian Express [P] Ltd.
Keywords
Economic growth, MSMEs, Ministry of Micro, Small and Medium Enterprises, MSMEs, Labour, Entrepreneurs
Source Link URL
https://www.financialexpress.com/opinion/why-each-state-of-india-needs-an-msme-university/1079113/
