Linking public protests with the country’s growth rate, Union Minister of State for MSMEs Giriraj Singh on Saturday said countries like China and Singapore do not have a Jantar Mantar to hold protests.
“Mr (Prasoon) Mukherjee was talking about Singapore’s GDP, and I thought in my mind that Singapore does not have a Delhi and a Jantar Mantar, where people might go to protest against (government) policies. You do not have a Jantar Mantar in Singapore. China also does not have a Jantar Mantar,” Singh said addressing an MSME convention being held on the second day of the Vibrant Gujarat Summit.
The minister was referring to an earlier speech given by Prasoon Mukherjee, the vice-chairman of Singapore Indian Chamber of Commerce and Industry (SICCI).
Singh said that despite people going to Jantar Mantar to protest, the country is competing with China and is today the fastest growing economy in the world. He said that despite criticism that GST will lower the country’s GDP by two per cent, the World Bank has said that India will continue to grow by over 7.5 per cent. He said MSMEs have 60 per cent contribution to Chandrayaan-2, which is being built by ISRO.
Earlier speaking at the event, Prasoon Mukherjee said that Singapore is a USD 300 billion economy. “If India has the per capita GDP of USD 2000, there (in Singapore) the per capita GDP is USD 70,000,” he said.
Dr Arun Kumar Panda, secretary, Union Ministry of MSMEs, said that the implementation of GST has led to a greater “formalisation” of MSMEs. “Out of 1.17 crore registrations in the GSTN, more than one crore are actual MSMEs. So it means that these MSMEs who are henceforth in the informal sector are gradually coming to the formal sector.”
“The budget allocation for PMEG (Prime Minister Employment Generation) programme has been more than double this year and we are hoping that at least 70,000 micro enterprises are going to be set up giving a rise to employment generation of five lakh in this sector under this particular scheme in the country. This is a huge jump,” Panda added.