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SMEs to contribute 22pc to GDP by 2020, says government official

Contribution of small and medium enterprises to the country's gross domestic product (GDP) is expected to increase to 22 per cent by 2020, from the present 17 per cent, a top official of Department of Science and Technology said.

Indian companies, products and services were being seen as budding stars and paving way for 'brand India', especially in the Middle East and Africa, where Indian firms were given preference over others, K Jayakumar, Joint Secretary, Department of Scientific and Industrial Research, DST, said.

He was speaking at the TechEx 2011, a technical and engineering exhibition, organised by the alumni of PSG Institute of Technology.

L Ganesh, Chairman, RANE group of Companies, said the eight to nine per cent growth of Indian economy could be sustained through manufacturing sector and not IT sector alone.

Though IT sector was playing a major role in the GDP growth, the manufacturing sector with its present contribution of 15 per cent should increase it to 25 to 30 per cent in the near future, Ganesh said.