Budget Session 2022: MSMEs backbone of India’s economy, says President Kovind

New Delhi: President Ram Nath Kovind, on Monday (January 31), said that MSMEs have been the backbone of India’s economy, and have been driving a self-reliant India. “Our goal is that the goods needed by our forces should be developed in India and manufactured in India itself,” he added. 

While addressing both the two houses of the Indian Parliament, Kovind said that more than 60,000 start-ups set up in 56 different sectors have created 6 lakh new jobs in the country since 2016. 

Applauding the work done by the startups, he said that India’s startup ecosystem is an example of the endless new possibilities that are rapidly taking shape under the leadership of our youth. 

Kovind also pointed out the efforts made by the Indian government to support the digitisation of services and facilities in the country. “Due to the policies of my government, today India is one of the countries where the cost of internet is the lowest, and the cost of smartphones is also the lowest. The young generation of India is getting huge benefit from this,” he said. 

President Kovind also noted that India has once again become one of the fastest-growing economies in the world due to the government’s current efforts, adding, “India has emerged as the second-largest mobile phone manufacturer in the world.” Also Read: President Ram Nath Kovind addresses joint session of Parliament; here are the key highlights of his speech

At the end of his address, he reminded the Parliamentarians that "next 25 years would be spent on shaping up India that we want to see in 2047 when we celebrate 100 years of Independence. Also Read: Budget Session 2022: 60,000 startups created 6 lakh jobs since 2016, says President Kovind