Nalco Ltd will enhance the procurement of materials from MSMEs from the current level of Rs 400 crore to Rs 1,200 crore, CMD T K Chand said today.
Chand said India is emerging as the youngest nation with 64 per cent of population in the working group, and if this demographic dividend is properly cultivated, it will "increase GDP by 2 per cent".
"It can only be possible if the huge workforce is provided productive employment. MSME is the right avenue to create employment.
"A crore investment in MSME creates 85 jobs against one job in large industries. This is going to be the game changer," Chand said this while addressing a convention organised by Odisha Assembly of Small and Medium Enterprises (OASME).
He batted for the Angul Aluminium Park, which is being set up in joint venture with IDCOL to promote downstream and ancillary industries.
"There is huge response to the aluminium park from industry proponents. There is as an estimated requisition for 5 Lakh MT," he said.
This creates the market compulsion for Nalco to go for two new smelters one brownfield and one greenfield, with additional capacity of 1 million tonne in toto, to meet the demand of all India customers, export commitments and industrial units in Angul Aluminium Park, Chand said.
He said the aluminium park has brought a turnaround in the investment scenario in the aluminium sector, where producers have been apprehensive due to high cost of production and low LME.
The top Nalco official also praised the contribution of the MSMEs for their role in creating employment opportunities for nearly 15 lakh people in Odisha.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)