Union minister Nitin Gadkari on Sunday said the Modi government was all set to give a major boost to the micro, small and medium enterprises (MSMEs) in the country.

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He was speaking at the first-ever Bunts Star Achievers Awards 2020 instituted by the Indian Bunts Chamber of Commerce & Industry (IBCCI).

"MSMEs account for 48 percent of the exports and employ 11 crore people. We are giving a major boost to the MSME sector...it drives the economy," Gadkari said.

The MSME minister added that India needs an institute for enterprises and entrepreneurship.

"We need fast decision-making and that is the hallmark of this government," he added.

He claimed that despite the global economic recession, India was the fastest growing economy.