?MSME contributes 50-75% of GDP?

Chennai : The Micro, Small and Medium Enterprises (MSME) sector contributes almost 50-75% of India?s Gross Domestic Product (GDP), said a top official here on Tuesday.

?Almost 50 ? 75% of the country?s GDP is contributed by the Micro, Small and Medium Enterprises (MSME) sector, which also generates almost 60 ? 70% of employment. It is therefore, extremely important for young minds to come up with new ideas and not stop at that, but execute them into successful businesses,? said Lakshmi Narayanan, Vice-Chairman, Cognizant Technologies.

He was speaking at the inauguration of the 3rd edition of the Pan India Business Plan Competition ?Espire 2010 ? Passion to be an Entrepreneur? organized by Loyola Institute of Business Administration (LIBA), along with Entrepreneurship Development Institute of India (EDI), Government of Tamil Nadu and The Indus Entrepreneurs (TiE), Chennai.

The inauguration ceremony was held at Loyola College campus here.

Narayanan said, ?An idea unless executed will remain only an idea. Thus, a platform of this kind which will provide proper mentorship is absolutely necessary to churn out the best ideas and enable them to be executed.

?An idea is just the beginning, when you start discussing about it with friends, role models and others, many more aspects get revealed which you might not have ever thought about. Therefore, I personally feel that it is a great opportunity for all of you to testify whether you are on the right track or not.?

The first round of submissions, i.e. the Executive Summaries, in the Competition will be open till October 10.