The ongoing India Manufacturing Show (IMS) and its concurrent show Taiwan-promoted Emma Expo 2014 in Bangalore have stressed the importance of the Micro, Small and Medium Enterprises (MSME) sector.

IMS and Emma Expo, both unveiled at Bangalore International Exhibition Centre (BEI) on Thursday highlighted the auto and allied sector growth in MSME segment in India.

Ananth Kumar, Union minister for Chemicals and Fertilizers, who inaugurated the three-day event, said the union government would release new policy for MSME sector soon.

He said, “We should derive inspiration from prime minister Narendra Modi’s Independence Day speech that appealed to promote ‘Made in India’ products across the world.” 

He said the manufacturing sector should double its contribution to the country’s GDP.

As part of the union Budget, he said the government has announced Rs 10,000 crore towards venture capital for start-ups. The government will ensure an inflow of Rs 1,000 crore to Karnataka, by supporting the start-ups in MSME sector.

HVS Krishna, chairman, IMS Foundation, said that manufacturing sector contributes 13 percent to the country’s GDP. Of which 45 percent comes from MSME sector that employs around 70 million people in the country.

He said IMS attracted over 170 participants while Emma Expo houses 205 exhibitors. Over all, more than 25 percent of the participants are related to the automotive industry while the remaining exhibitors cater to the needs of various sectors like industrial engineering, aerospace and electronics and assembly .

Taipei World Trade Centre (TWTC) executive vice-president Walter Yeh, “Many of our top firms are exploring joint ventures in India to tap the huge potential for industrial products spanning electronics, machinery, moulds, automobile components and accessories,”

“Through auto parts, electronics, machinery and moulds offerings in the expo, our firms are offering $24 million worth of business opportunities as against $12.4 million worth of business generated at its previous in 2013,” Walter said.

TWTC has brought the Taiwanese exhibitors to showcase their offerings in the Emma Expo this time with the support of their government.

Among others, Core Tech System, Cub Elecparts,  Kenda Rubber Ind Co, Yih Shan New Tech, Shiniest Industries Inc, Hu Lane Associate Inc, Top Quality Auto Electric Products, Simphope Industrial Co, Fuyung Carbon, Hu Lane Associate and Shiniest Industries Inc are a few Taiwan-based auto parts makers participating in the expo.