The 13th edition of International Industrial Trade Fair (INTEC 2012), was inaugurated here on Wednesday by Tamil Nadu Industries Minister, S P Velumani at the city's Codissia Trade Fair Grounds.
Speaking to mediapersons, Micro, Small and Medium Enterprises (MSME) Secretary R K Mathur highlighted the importance of the event.
"In the country's GDP, the manufacturing sector contributes about 16 percent. The country requires that the manufacturing sector should contribute between 25 to 30 percent. This is necessary because unless the manufacturing sector has a higher share in GDP, the economic strength of the country would not build up to the level that is needed for the country," said Mathur.
Mathur added it was crucial that infrastructure, credit flow and technological development keep up with country's industrial growth.
"The country has its own difficulties not only in terms of infrastructure, but also in terms of credit flow and in terms of marketing. Each of these problems is being addressed through a set of solutions. MSME is one sector which has shown a growth rate which is faster than the normal industrial overall growth rate of the country," added Mathur.
More than 500 participants from India, Europe, the United States, Japan, China and the Middle East exhibited their products at the trade fair.
The focus of INTEC 2012 is on new trends and long-term prospects of the industry along with the future of industrial automation and energy efficient systems.