Addressing a youth summit in Bhubaneswar, Odisha yesterday, M Venkaiah Naidu, Vice President of India, batted for developing an ecosystem for entrepreneurship and MSMEs to thrive and encourage youth to become job creators instead of job seekers.

A government press release quoted him saying that unemployment is an area of major concern not only for India but also for all nations. He said, “The possible way to address unemployment is to create the right ecosystem for youngsters to become entrepreneurs and set up their own MSMEs.”

The Vice President further said that India must leverage its demographic advantage by utilising its youth’s potential.

“How efficiently and effectively we reap the demographic dividend depends greatly on how effectively we are able to create MSME jobs and train the working population to do these jobs,” he added.

The need to create a better market for rural artisans and women entrepreneurs was another area of focus for Naidu. He also urged budding entrepreneurs to start MSMEs to promote Indian traditional arts and crafts.

Naidu placed equal importance on creating an ecosystem conducive to the functioning of MSMEs and on facilitating large scale industries. He explained to the youth at the gathering, “MSMEs contribute 6.11 percent of manufacturing GDP and 24.6 percent of services GDP. These industries which are often located in rural areas play a vital role in preserving India’s traditional skills and products such as handicrafts and handlooms.”

The Vice President also observed that empowering women entrepreneurs was central to achieve the objective of inclusive, equitable and sustainable MSME development.

The event was attended by key MSME stakeholders including Ganeshi Lal, Governor of Odisha, members of Bharatiya Yuva Shakti Trust (BYST), industry leaders, and over 600 entrepreneurs from different parts of Odisha, the government release mentioned.

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