MSMEs: The Driving Force Behind India’s Vision for Viksit Bharat

Image Source : Investment Guru

Micro, Small, and Medium Enterprises are playing a pivotal role in India’s journey toward becoming a developed nation by 2047. Government officials and industry leaders have emphasized the need for collaboration between MSMEs and large industries to accelerate economic growth, enhance competitiveness, and strengthen domestic supply chains.

Key Highlights from the MSME Sector’s Contribution
- India has grown from the 10th largest economy a decade ago to the 4th largest today, with MSMEs contributing significantly to this progress.
- Vendor development programs, technology upgrades, and SME integration into supply chains are creating a win-win scenario for businesses and MSMEs alike.
- The Confederation of Indian Industry has launched the MSME Export Helpdesk to boost global competitiveness and productivity.

Strategic Pillars for MSME Growth
- Skill development and capability-building initiatives are being prioritized to ensure MSMEs can operate with reduced regulatory oversight.
- Export-driven growth is being encouraged, particularly in sectors like textiles, agricultural processing, and leather, where MSMEs lead global supply chains.
- India’s 60 million MSMEs have the potential to replicate Germany’s success, where small enterprises contribute 55 percent to GDP.

Government Initiatives and Policy Support
- Programs such as ASPIRE, SFURTI, and CGTMSE are providing financial and technical assistance to MSMEs.
- The PM Vishwakarma Yojana aims to uplift 30 lakh MSMEs, artisans, and craftsmen over the next five years.
- The government is working toward formalizing 9 crore MSMEs by 2029, integrating them into the modern economy.

Future Outlook and Economic Impact
- MSMEs currently contribute 30 percent to India’s GDP and 45 percent to exports, making them a cornerstone of economic development.
- Strengthening domestic manufacturing through initiatives like Make in India and Atmanirbhar Bharat is expected to drive foreign investment.
- Continued policy support and industry collaboration will ensure MSMEs remain at the forefront of India’s transformation into a developed economy.

Source: Assam Tribune, Free Press Journal, Economic Times.