New Delhi, Sept. 4 -- Union Minister Jitan Ram Manjhi highlighted the significant contribution of Micro, Small, and Medium Enterprises (MSMEs) in India's GDP, saying the sector contributed 31% to India's Gross Domestic Product (GDP).

The 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates.

"MSME is so important that it contributes 31% to India's GDP and also contributes 35% to manufacturing. It contributes about 46% to exports. After agriculture, MSME has the largest contribution... The Finance Minister has said that we will promote small industries. The Prime Minister has implemented the Pradhan Mantri Vishwakarma scheme for small industri...