MSMEs should be the core of economic policy formulation: FISME

New Delhi, June 27 (KNN) The government needs to position Micro, Small and Medium Enterprises (MSMEs) in the centre of all policy making set-up, said the Federation of Indian Micro and Small & Medium Enterprises (FISME).

On the occasion of ‘World MSME Day’ (June 27), Prashant Patel, President, FISME said, “The World MSME day reminds us that masses are employed with MSMEs. For instance, not more than 10% of people are employed in formal sector in India.”

He emphasised that majority of people are either self-employed or working with self-employed and suggested that MSMEs should be in the centre of our all policy making set-up up to District level.

Reflecting on the challenges Patel pointed out that governance systems in cities and towns where they are located are almost completely oblivious of their presence and importance.

He called out for a change in this situation and a dire need to make policies focused on MSME sector.

The MSME sector comprises nearly 63 million enterprises, which contribute 30% to India’s GDP, 45% to manufacturing, 40% to exports, and provides employment to over 113 million people.  (KNN Bureau)