Innovation-driven entrepreneurship is critical for the growth of the Indian economy says Minister

Updated on: Friday, August 02, 2013

The Ministry of Micro, Small and Medium Enterprises (MSME) has asked young entrepreneurs to adopt innovative practices to attain competitive advantage in the global market.

"In the present competitive world, innovation-driven entrepreneurship is critical for the growth of the Indian economy," MSME Minister K H Muniyappa said after inaugurating the Indian School for Entrepreneurs and Enterprise Development (iSEED) here.

To encourage adoption of innovation among entrepreneurs, Muniyappa emphasised that the Ministry is conducting various skill development programmes for the entire value-chain of manufacturing.

However, MSMEs are not really aware of the use of innovation and perceive it as an expensive proposition.

MSMEs contribute over 36 per cent of the country's total exports and 45 per cent to the manufacturing output. The sector employs about 60 million people and contributes 8 per cent to the country's GDP.

Innovation-driven entrepreneurship is critical for the growth of the Indian economy says Minister

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