The micro, small and medium enterprise (MSME) sector is the 'nursery of entrepreneurship' and innovation driven entrepreneurship is critical to growth of the national economy, said Minister of State (Independent Charge) for Micro, Small & Medium Enterprises, K. H. Muniyappa on Thursday.
In the present competitive world, innovation driven entrepreneurship is critical for the growth of the Indian economy, Muniyappa said inaugurating the Indian School for Entrepreneurs and Enterprise Development iSEED in Kolkata.
"The MSME sector is a nursery of entrepreneurship, often driven by individual creativity and innovation," he said, adding that worldwide, the sector -- primarily driven by first generation entrepreneurs -- has been accepted as the engine of economic growth and for promoting equitable development.
To enable Indian youth in entrepreneurship and innovation, the minister emphasized that the MSME ministry is conducting skill development programmes for the entire value chain of manufacturing.
"10 Tool Rooms under the ministry are providing both long and short term training for more than one lakh persons," the minister informed.
He also said that entrepreneurship has a large role to play in employment creation.
"Therefore, the goals of the MSME sector's skill building initiatives include encouragement and promotion of indigenous entrepreneurship from all walks of life," he said.
According to the minister, the MSME ministry is supporting the efforts of state governments, union territories, industry associations, financial institutions, technical/ management institutions, other Non-Governmental Organizations (NGOs), etc. for establishment of new training institutions.