Linking public protests with the country’s growth rate, Giriraj Singh, union minister of state for MSMEs, said countries like China and Singapore do not have a “Jantar Mantar” where protests can be carried out against government policies.
“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 the policies made. China also does not have a Jantar Mantar,” Singh said while speaking at the Vibrant Gujarat summit.
The minister was referring to an earlier speech given by Singapore Indian Chamber of Commerce and Industry’s Vice Chairman Prasoon Mukherjee.
He said despite people going to Jantar Mantar to protest, the country is competing with China and is today the fastest growing economy of the world. He said 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 over 7.5 per cent.
He said MSMEs have 60 per cent contribution to the Chandrayaan-2, which is being built by ISRO.
Earlier speaking at the event, Prasoon Mukherjee said Singapore was a USD 300 billion economy. “If here (India), has per capita GDP of USD 2000, there (Singapore) the per capita GDP is USD 70000,” he said while introducing the country he was representing.
In his speech, Arun Kumar Panda, secretary, Union ministry of MSMEs also pointed out 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 being in the informal sector are gradually coming to the formal sector,” he remarked.
“The budget allocation for Prime Minister Employement Generation (PMEG) programme has been more than doubled this year and so this year we are hoping that at least 70000 micro enterprises are going to be set up giving rise to employment generation of five lakh people in this sector under this particular scheme in the country. This is a huge jump,” Panda added.