Jharkhand: MSME Minister announces Rs 2.2 Bn development package

17 Sep 2024 CW Team

Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, unveiled a substantial development package for Jharkhand's MSME sector on Wednesday. Speaking at an MSME conclave in Ranchi, Manjhi announced an allocation of Rs 2.2 billion to bolster the state's small business landscape.

The package includes Rs 1.2 billion for the establishment of four new industrial clusters and Rs 300 million for three additional technology centres in Jharkhand. This initiative aims to stimulate growth in the eastern region's MSME sector, which has historically lagged behind its western and southern counterparts.

Manjhi emphasised the MSME sector's significant role in job creation, noting that it currently employs 205.6 million people nationwide. The minister expressed an ambitious goal to double this figure to 400 million, underlining the sector's potential for further expansion.

Highlighting the sector's economic impact, Manjhi stated that MSMEs contribute approximately 30 per cent to India's GDP. However, he pointed out that this contribution could potentially reach 60 per cent if development were more evenly distributed across the country.

The minister acknowledged the current geographic disparity in MSME development, with concentration primarily in western and southern India.

"We want to break the unequal distribution and spread its net in eastern and northern regions of the country," Manjhi said, indicating a strategic shift towards more balanced regional growth. This announcement reflects the government's commitment to fostering MSME development in underserved regions, potentially paving the way for increased economic activity and job creation in states like Jharkhand.

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