Speaking at an online conference held by the ICAI (Institute of Chartered Accountants of India) Union Minister Nitin Gadkari emphasized the importance of attracting FDI or Foreign Direct Investment in the MSME sector. The Minister also urged the CAs or Chartered Accountants to recommend a course of action and an out-of-the-box approach to attract maximum investment from foreign investors in the Micro, Small, and Medium Enterprise (MSME) sector.
Gadkari said that the Indian MSMEs are giving “excellent viability and income to the investors” and that it is the apt moment to invite FDI in the MSME Sector and Chartered Accountants can prove to be very helpful in this regard.
The 3-day virtual conference which was organized by the apex body of Chartered Accountants had its theme as “Accountants Creating a Digital and Sustainable Economy”. Nearly 3000 professionals are expected to participate in the conference from across the world.
Nitin Gadkari, who is the Minister for Road Transport and Highways, underlined the importance of professionals and thinkers such as Chartered Accountants in promoting and developing India’s economy as they understand the country’s problems and can provide solutions on how to increase exports and decrease imports.
Nitin Gadkari also served as the Minister for MSME before the appointment for Narayan Rane. He pointed out that about 50% of the exports are from MSME Sector which makes it significant to empower and strengthen small and micro-businesses. This can be done through increasing capital investment especially foreign investment which is being done through the stock exchange in India.
It requires an innovative and nuanced approach to solve the problem of lack of capital in the MSME Sector, according to Gadkari. He said that the Government is making efforts to make India self-sufficient and self-reliant and speed up the growth rate of the economy.
The Minister for Road Transport and Highways also reiterated that there is a big potential for Indian entrepreneurs and businesses in the global markets. The ICAI President added that the “CA profession is adding value to the process of economic and social development.”
The pandemic has greatly affected the growth of the Indian economy which needs greater investment avenues and infusion of liquidity to get back on track. MSME sector is one of the most impacted sectors and needs the focus of all stakeholders to accelerate its growth.
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