World MSME Day Highlights Sector's Vital Role in India's Economic Growth

New Delhi, Jun 29 (KNN) World Micro, Small and Medium Enterprises (MSME) Day, observed annually on June 27, celebrates the contribution of millions of entrepreneurs, artisans and small businesses that drive economic growth, employment generation and sustainable development across the globe.
 
Designated by the United Nations General Assembly in 2017, the day recognises the vital role played by MSMEs in strengthening national economies and promoting inclusive development.
 
MSMEs Form the Backbone of India's Economy 
 
In India, the MSME sector is the backbone of the economy, with over six crore enterprises across manufacturing, services and other sectors. 
 
It contributes around 30 percent to GDP, 36 percent of manufacturing output and 45 percent of exports, while providing employment to more than 11 crore people, making it the country's second-largest employer after agriculture.
 
Government Support Strengthens MSME Growth 
 
Former Federation of Indian Micro and Small & Medium Enterprises (FISME) President Animesh Saxena, in an interview with DD News said that supportive government policies have strengthened the sector by improving access to finance through initiatives such as collateral-free loans and the Pradhan Mantri Mudra Yojana. 
 
He added that MSMEs will continue to play a key role in generating employment for India's growing workforce.
 
MSMEs Expand Opportunities Through Exports and Digital Adoption 
 
The sector creates significant opportunities for women entrepreneurs, youth, rural enterprises and traditional artisans, supporting the vision of an Atmanirbhar Bharat. 
 
Indian MSMEs are also expanding their global footprint through exports, aided by growing adoption of e-commerce, digital payments and improved logistics that have improved access to domestic and international markets. 
 
Government Schemes Boost Finance, Technology and Market Access 
 
The government has introduced several initiatives to strengthen the MSME ecosystem, including the Prime Minister's Employment Generation Programme (PMEGP), Pradhan Mantri Mudra Yojana, Emergency Credit Line Guarantee Scheme (ECLGS), Production Linked Incentive (PLI) schemes, Digital India, Startup India and the Udyam Registration system.
 
These measures are aimed at improving access to finance, technology and markets while promoting entrepreneurship, innovation, employment generation and export growth.
 
Technology and Sustainability to Shape MSMEs' Future 
 
Looking ahead, wider adoption of advanced technologies, artificial intelligence, digitalisation, green manufacturing and deeper integration into global supply chains is expected to strengthen MSME competitiveness. 
 
As India moves towards its 2047 developed economy goal, the sector is expected to remain a key driver of growth, employment, exports and 
manufacturing.
 
(KNN Bureau)