Micro small and medium enterprises (MSME) minister Nitin Gadkari on Tuesday said that the economic package announced by Prime Minister Narendra will support small businesses hit by the outbreak of the global pandemic.
Welcoming the ₹20 trillion package, the minister said that the financial package will take for MSME, cottage and village industries to new heights.
MSMEs, considered key drivers of job creation and economic growth, have been the worst hit by the nationwide lockdown that brought economic activity to a halt.
MSMEs account for about 45% of manufacturing output, more than 40% of exports, over 28% of gross domestic product (GDP). The minister said that economic slowdown due to the outbreak of covid-19 is a blessing in disguise and