Why in the news ?

• Calling the MSME sector as the backbone of the economy, Finance Minister said .the sector would lead the current consolidation phase of the economy. 

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• Finance minister said that after a series of very major structural reforms in the past two years, this now also is a phase for consolidation as far as the economy is concerned. And this phase of consolidation will also be led by the MSME sector.
• Pointing out that it is one of the largest employers, he said, “this is one sector where people not only exhibit their entrepreneurial skills, become part of large value chains but then also become job creators in the process.”
• That is the reason why the bulk of the jobs in manufacturing, trading have been created in this particular sector, he added.
• He also said that in a country with a vast population, the scope for employment either in government or in the large industry has a limited potential.

Source

The Hindu.