By the Members, of the Members & for the Members

Watch Recording - Role of MSME in Economic Development

The fourth edition of ‘Tool Talk’ organised by TAGMA, powered by TAGMA TIMES was held on 30th July 2021. The Guest speaker for the event was Shri. Vinamra Mishra - Director (Tech & Projects), Ministry of Micro, Small & Medium Enterprises, Government of India


Link to the discussion video is

Below are some of the highlights of the discussion

  • MSMEs have been the backbone of the Indian economy for years and play an important role in the country’s development.
  • The Government of India is working to ensure that MSMEs contribute more than 50% to India’s GDP and offer at least 150 million jobs over the next five years.
  • The manufacturing sector contributes about 15% to India’s GDP and is expected to reach 30% by 2030.
  • With the growth in the economy, the tooling industry will become a fulcrum on which the entire manufacturing sector will depend.
  • Indian Tooling industry is finding it very difficult to compete with the lower-cost tools, which are getting imported from China and South Korea.
  • There are already 22 MSME tool rooms, and the government aims to start more technology centers and 100 extension tool rooms. This will help the tooling industry get access to the latest technologies and skilled manpower.
  • There are great opportunities for MSME Tool Rooms and private tool rooms to collaborate and gain from each other's strengths.
  • Indian tool makers need to invest in R&D activities and enhance capability and capacity.
  • A significant amount of tools are still imported into the country. We, as a country, need to work on industry-friendly policies, capabilities, and skill development to reduce imports.
  • Growth of industries like infrastructure, aerospace, defense, medical, and electrical & electronics combined with schemes like Atmanirbhar Bharat and various PLI schemes will generate great opportunities for Tool Makers. To gain the most, they must diversify.