MSMEs to provide ignition for new India: Prabhu

New Delhi, June 22 (IANS) Commerce and Industry Minister Suresh Prabhu on Friday said Micro, Small and Medium Enterprises (MSME) can provide the ignition required for a new India as this sector helps in fair distribution of wealth across the country.

"The Prime Minister made a profound statement that without participation, development and regeneration of small and medium startups, we cannot succeed ignition of new India," Prabhu said after inaugurating the fifth India International MSME Start Up Expo at Pragati Maidan here. 

"One of the fundamental and cardinal principles of the small and medium enterprises is that they take wealth to different corners of the country. They earn money and in process help wealth distribution of that unlike large industries."

Apart from the young entrepreneurs, dignitaries at the inauguration of the three-day event included Uttar Pradesh Industrial Development Minister Satish Mahana, Union Minister for Development of North Eastern Region Jitendra Singh, Ambassador of Thailand Chutintorn Gongsakdi, Ambassador of Azerbaijan Ashraf Shilhalvyev, Ambassador of Uzbekistan Farhood Arziev and Japanese Minister Counsellor Kenko Sone.

There are 12 crore MSMEs that directly and indirectly engage more than 60 crore people of the country. 

The agenda of the exposition is to promote entrepreneurship and self-employment to generate maximum job opportunities. The event will also provide one stop global platform to connect, network, partner and share information with domestic and international SMEs to find new business opportunities in either country. 

The event will witness more than 20,000 visitors, 250 exhibitors, 100 B2G and B2B meetings, 50 embassies and global participants, 30 banks and investors, 15 PSUs and government departments and 10 concurrent summits.