How Can MSMEs Unlock the Path to a Viksit Bharat?
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Synopsis
Explore the vital role of MSMEs in transforming India into a Viksit Bharat by 2047. Discover insights from government officials and industry leaders on fostering collaboration that propels economic growth and development. This article highlights the challenges and potential of MSMEs in contributing to India’s aspirations and global competitiveness.
Key Takeaways
- MSMEs are crucial for India's economic goals by 2047.
- They contribute significantly to employment and GDP.
- Collaboration between industry and MSMEs is essential.
- Supporting initiatives can enhance MSME capabilities.
- MSMEs play a pivotal role in global exports.
New Delhi, May 31 (NationPress) Micro, small, and medium enterprises (MSMEs) are pivotal in achieving a Viksit Bharat by 2047. Now is the opportune moment to discuss the collaboration between industry and MSMEs to acknowledge their significant contribution to India’s ambitions, emphasized a senior government official.
India has consistently evolved, advancing from being the 10th largest economy a decade ago to its current position as the 4th largest economy.
Dr. Rajneesh, Additional Secretary and Development Commissioner at the Ministry of MSMEs, stated that through initiatives like vendor development programs, technology upgrades, technology transfers, and the integration of SMEs into the supply chain, we can forge opportunities that benefit both parties. This allows MSMEs to thrive while industries can meet their needs domestically, supporting the ideals of Atmanirbhar Bharat and Viksit Bharat.
During the CII Annual Business Summit 2025, Dr. Rajneesh unveiled the 'CII MSME Export Helpdesk,' expressing optimism about its potential to enhance MSMEs' competitiveness and productivity.
R. Mukundan, Vice President of CII, discussed four fundamental pillars essential for realizing the full potential of MSMEs. These pillars focus on skill development and capability enhancement while advocating for reduced regulatory oversight.
“Beyond job creation, exports are vital as they connect us to the global value chain. In sectors such as textiles, agricultural processing, and leather, MSMEs are at the forefront of supplying materials internationally,” he noted.
With their grassroots presence, MSMEs are the backbone of transforming India into a high-performing, competitive enterprise in the future.
In a global comparison, Sunil Mathur, Managing Director and CEO of Siemens India, pointed out that 27 million people are employed in small and medium enterprises in Germany, a nation of 84 million, contributing to 55% of its GDP.
India possesses immense potential with its 60 million enterprises, he added.
Point of View
I believe that the narrative surrounding MSMEs is critical to India's economic landscape. Their potential is immense, and with the right support and collaboration, they can drive significant change. The government's emphasis on fostering MSME growth aligns with our national goals, making this a pivotal moment for India's economic future.
NationPress
02/06/2025
Frequently Asked Questions
What are MSMEs?
MSMEs, or Micro, Small, and Medium Enterprises, are businesses that play a crucial role in the economy by providing employment and contributing to industrial output.
Why are MSMEs important for India's economy?
MSMEs are vital for generating employment, fostering innovation, and integrating into the global value chain, significantly contributing to India's GDP.
What initiatives support MSMEs?
Initiatives like vendor development programs, technology upgrades, and export helpdesks are designed to support and enhance the capabilities of MSMEs.
How can MSMEs contribute to exports?
MSMEs can lead in exports by supplying materials in key sectors such as textiles, agriculture, and leather, thereby connecting India to the global market.
What is the future outlook for MSMEs in India?
With ongoing support and collaboration, MSMEs are expected to thrive, driving economic growth and transforming India into a competitive global player.
