Nitin Gadkari highlights the role of SMEs in innovation and economic growth

NEW DELHI: During the grand finale of the HSBC, CNBC-TV18 presents SME Champion Awards, Shri Nitin Gadkari, Minister of Road Transport and Highways, spoke about the crucial role of micro, small and medium enterprises (MSMEs) in driving innovation and technological advancement in India.

Shri Gadkari emphasised the contribution of SMEs to the country’s economy and their potential to significantly reduce imports and boost exports.

Praising the ingenuity and entrepreneurial spirit within the SME sector, Shri Gadkari stated: “The small people with startups and SMEs have a lot of new inventions and new technology. Innovation, entrepreneurship, science, technology, research, scale and successful practices are the future. The transformation of knowledge into wealth is crucial.”

He detailed the government’s efforts to support SMEs through financial provisions without the need for bank guarantees.We have made a special provision for a loan of ₹400 crore, supported by a trust and government funding, to finance SMEs without the need for collateral guarantees. If there is a problem, the government will cover the liability,” he explained.

Shri Gadkari also provided insights into the developments in agricultural technology, particularly the development of nano-fertilizers. “By using nano-urea and nano-mix fertilizer, we have significantly reduced waste and increased efficiency. In my area, instead of using eight bags of fertilizer per hectare of sugarcane, we now use only four bags with better results,” he said.