Nitin Gadkari praises govt’s e-commerce platform ‘Bharatcraft’; claims it can create ₹10 lakh cr revenue in two years

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Since the advent of Startup India initiative by Prime Minister Narendra Modi in 2015, the government has started focusing more on the e-commerce industry in order to accelerate the emerging micro, small, and medium sized businesses pan India.

In the latest series of development, the government has proposed ‘Bharatcraft‘, an e-commerce marketing platforms like Alibaba and Amazon.

Minister for Road Transport & Highways of India and Shipping Ministry of Micro, Small and Medium Enterprises Nitin Gadkari has said, with regards to ;Bharatcraft’ that it has the potential to achieve revenue of around ₹10 lakh crore in two to three years.

Gadkari also said that the Bharatcraft portal will provide a platform for micro, small and medium enterprises to market and sell their products and in turn boost the sector.

“We want to give a boost to the MSME sector which is currently contributing nearly 29% to the manufacturing segment and 40% to the exports,” the Union Minister added.

The minister further added and said that the government has set a target to increase the contribution of MSMEs in the manufacturing sector to 50% in the next five years.

He also said that payments have always been an issue for the MSMEs as the government and public sectors delay their payments.

“A committee has been set up to study this aspect and we expect the report in the next few days. The government is planning to enable legislation framework, which would help the MSME sector get their payments faster, within 45 days of the bill being due. Any further delay in payments would lead to legal implications,” Gadkari said.

The minister further stated that the government will encourage MSMEs to contribute more towards exports, how they could contribute to overall economic growth and also enhance employment potential.

Stressing more on the fact that there is a need for the MSMEs to come in the mainstream and take advantage of the National Stock Exchange platform for raising funds, he said, “At a time when we have nearly 6 crore MSMEs in the country, we have only 200 listings on such a platform. There are MSMEs who have larger exposure to exports. I want such companies to come forward and use this instrument. This will boost the sector.”

On the other hand, Vikram Limaye, managing director and CEO, NSE said, “NSE has always been at the forefront of strengthening and supporting small and medium enterprises. We believe the SMEs are crucial not only for economic growth but also for employment and inclusive growth.”

Also read: Realty giant JLL India join hands with Invest India, AGNIi, Startup India to start new accelerator programme

Finance Ministry announces Angel Tax exemption for startups registered under DPIIT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Marvel Avengers teases Natasha Romanoff’s Gameplay in a tweet

Marvel’s Avengers was another famous game that saw many announcements coming its way during the Gamescom 2019 wherein a 19-minute long gameplay...

Model code of Conduct kicks in Haryana; 65,000 political ads taken off within 24 hours of election announcements

To ensure the stringent implementation of Model Code of Conduct, around 65,000 political advertisements have been taken off government property in Haryana. These political...

FortnitexBatman: Where to Find Joker Canisters And How To Diffuse Them

Epic Games is a big fan of introducing pop-culture into its famous Battle Royale title, Fornite. Recently, Fortnite introduced ‘Area 51 themed skin‘ owing to the famous Storm Area 51, They Can’t Stop...

Facebook to Launch its Libra Digital Currency till Next Year

Facebook is planning to launch its Libra digital currency till next year, the executive seeing over this project informs Swiss newspaper NZZ. Since the US...

Motor Vehicles Act 2019 : Karnataka CM BS Yeddyurappa announces reduction in fines

Jumping on the board against the implementation of the Motor Vehicles Act, the Karnataka government led by Chief Minister BS Yeddyurappa announced the reduction...
- Advertisement -

More Articles Like This