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The task is cut out for MSME The Ministry of Micro Medium and Small Enterprises (MSME) has set a target of accounting for 50 per cent of the Gross Domestic Product (GDP) by 2025. As India gears to become a USD five trillion economy, the focus must shift on productivity overproduction as per Union Minister Jitendra Singh. “Micro, Small, and Medium Enterprises (MSME) will be the foundation for bigger industries in the country,” averred the minister at the 7th India International MSME Expo Summits 2021. “With around 36.1 million units, MSMEs contribute around 6.11 per cent of the manufacturing GDP and 24.63 per cent of the GDP from service activities. Moreover, it is the secondlargest employment generating sector after agriculture as it employs around 120 million persons in India,” he explained. Citing the heavy dependence of new business enterprises on scientific technology, the minister called for the need to adopt a scientific temper and scientific attitude deemed crucial for
the industry to realise their optimum utilisation in contemporary India. The scientific community must share successful research and development outcomes with the industry and corporate houses, he concluded. The share of the MSME manufacturing in All India manufacturing gross value output during the year 2018-19 and 2019-20 are known to be 36.9 per cent and 36.9 per cent respectively. As per a statistic of the Directorate General of Commercial Intelligence and Statistics, the share of export of specified MSME related products to all India exports during 2019-20 and 2020-21 was 49.8 per cent and 49.5 per cent respectively.
Motherson Group joins UN Global Compact Motherson Group has joined the United Nations Global Compact (UN Global Compact). As part of the strategic initiative to support global companies with the development, implementation, and disclosure of responsible business practices, Motherson is looking to build on its commitment to its Environmental, Social and Governance (ESG) program as a long term strategy. Averred Vivek Chaand Sehgal, Chairman, Motherson Group, “To set new standards in good corporate citizenship has been part of our mission since 1995. Motherson is proud to join the U.N. Global Compact and as a signatory,
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we will be integrating the principles of the Compact into our business practices, to create mindfulness in the world that we all want.” Aimed at living up to the expectations of all the stakeholders like employees, customers, communities, and investors, the company will look at ways of improving the environment, cultivating greater social inclusion and embodying the highest standards of governance. The UN Global Compact requires companies to align their culture, strategies, and operations with its ten core principles in the areas of human rights, labour standards, environment, and anti-corruption.
AUTO COMPONENTS INDIA n SEPTEMBER 2021
Ambitious 2030 target for exports
The Minister of Commerce & Industry, Piyush Goyal, asked exporters to rise to the ambitious challenge of the USD 400 billion export target for 2021-22. He asked exporters to target USD two trillion exports by 2030. In line with the vision, “Local goes Global: Make in India for the World”, the minister said, “The target has been generated through a bottomup and consultative approach, wherein specific targets for each country, product, Export Promotion Council and foreign mission has been set.” Calling for the need to maintain the export momentum for the next eight months, setting a USD 34 billion exports per month target to achieve the goal, the minister expressed that while the goal is ambitious, it could be realised with the EPCs and their members working in unison. The Minister also asked the export community to target USD two trillion exports by the year 2030, comprising USD one trillion merchandise exports and USD one trillion of services exports. He also announced the setting up of two separate divisions in the Commerce Ministry focused on the services sector, to achieve the target. New FTAs are slated for an early conclusion, he informed. The industry was directed to study both domestic and international quality standards and work towards aligning with the standards. “Let us accept and adopt quality standards voluntarily and happily and build our industries to meet global quality standards,” he stated. Semiconductors, he opined, would occupy a prominent role in the industrial landscape. WWW.AUTOCOMPONENTSINDIA.COM
