Singh also emphasized the need to promote exports from micro, small and medium enterprises (MSMEs). (Agencies)
The MSME sector is of vital importance to the national economy, he said, adding the government's initiatives can be successful only with the participation of the private sector and civil society.
"I would urge industry associations and chambers of commerce in India to come forward with innovative solutions to address constraints that still hinder the development of the MSME sector and provide constructive inputs for policy formulation and implementation," he said at an award ceremony for MSMEs.
"Only a fraction of enterprises today has the skills, risk appetite and resources to avail of the opportunities offered by globalisation. We need to change this state of affairs," Singh said.
The MSME sector accounts for 8 percent of the country's GDP, 45 percent of its manufactured output and 43 percent of its exports, he said. It employs over 8 crore people.
He said the government believes that strong performance in the sector is necessary for India to achieve rapid and inclusive growth.
"It is a matter of satisfaction for us that the MSME sector has grown at a healthy rate of 10 per cent in recent years," he added.
The Prime Minister presented 37 awards to enterprises and banks in recognition of excellence in their fields.
Singh also emphasized the need to promote exports from micro, small and medium enterprises (MSMEs).