Describing the micro, small and medium enterprises as the backbone of the country’s economy, President Ram Nath Kovind today said these enterprises are “engines of inclusive development”. The President was speaking after inaugurating ‘One District One Product’ Summit organised by the Uttar Pradesh government to promote traditional industries in every district of the state. “Micro, small and medium enterprises are called the backbone of our economy. These enterprises are engines of inclusive development. After the agricultural sector, most people find employment in this sector.
“This sector generates more employment opportunities at a lower cost of capital. And the most important thing about this sector is that it creates jobs in rural and backward areas,” he said.

Describing the micro, small and medium enterprises as the backbone of the country’s economy, President Ram Nath Kovind today said these enterprises are “engines of inclusive development”. The President was speaking after inaugurating ‘One District One Product’ Summit organised by the Uttar Pradesh government to promote traditional industries in every district of the state. “Micro, small and medium enterprises are called the backbone of our economy. These enterprises are engines of inclusive development. After the agricultural sector, most people find employment in this sector.
“This sector generates more employment opportunities at a lower cost of capital. And the most important thing about this sector is that it creates jobs in rural and backward areas,” he said.