Union Minister Nitin Gadkari (File photo/PTI)
Union Minister Nitin Gadkari on Monday asked micro, small and medium enterprises (MSMEs) to get themselves listed on stock exchanges, and said he has already requested the finance ministry to allot Rs 10,000 crore to the MSME ministry for buying equity of such entities.
"I had gone to the National Stock Exchange...and we got 20 MSME companies registered on the stock exchange... I have recommended the finance ministry to give us Rs 10,000 crore. We will go to the National Stock Exchange or any other capital market and build up the equity for ourselves," He said.
Gadkari, who is road transport & highways and MSME minister, was speaking during the 114th Annual Session of PHD Chamber of Commerce and Industry in New Delhi. "So, we will buy 10 per cent equity in MSME companies on behalf of the government and once the prices of shares go up, we can be the owner of Rs 1 lakh crore instead of Rs 10,000 crore," the minister said.
He asked the MSMEs that are exporting and have good balance sheets to go to the stock exchange as it would help them raise money from the capital market.
"Those MSMEs (companies) which are exporting and whose balance sheet is good I would request them that if they go to the National Stock Exchange and get themselves registered and if they build up the capital from the capital market then a new gateway for development will open for our country," he said.
The minister said his government's target is to increase MSMEs' present share of 29 per cent in the gross domestic product to 50 per cent and raise its export contribution from 49 per cent to 60 per cent. "Soon, we are going to take a decision to increase the limit of MSME," the minister said.