- This sector is contributing about 30 per cent to the country’s GDP, 36 per cent to the manufacturing sector and 45 per cent to exports: President
- MSME sector is the second-largest job creator in the country after agriculture: Murmu
- She expresses confidence that the Online Dispute Resolution Portal for MSMEs will prove to be important in cases of delayed payments
NE BUSINESS BUREAU
NEW DELHI, JUNE 27
President Droupadi Murmu has said that a strong Micro, Small and Medium Enterprises, MSME ecosystem is essential for the sustainable economic development of the country, as it is a strong pillar of the country’s economy.
Addressing the International MSME Day function in New Delhi on Friday, the President said the MSME sector is playing an important role in the progress of the country. She highlighted that the sector is contributing about 30 per cent to the country’s GDP, 36 per cent to the manufacturing sector and 45 per cent to exports.
President Murmu said that the MSME sector not only contributes significantly to the country’s GDP but also promotes innovation at the grassroots level. She also said, the MSME sector creates employment opportunities in rural and backwards areas, and it also helps in the empowerment of weaker sections and inclusive development. President Murmu highlighted that the MSME sector is the second-largest job creator in the country after agriculture.
The President said that, realizing the importance of MSMEs and their problems, the Government of India has taken several policy initiatives. These include revision of classification criteria for MSMEs, increase in credit availability, encouragement of central ministries, departments and central public sector enterprises to procure at least 35 percent of their annual procurement requirements from micro and small enterprises, skill development of artisans under the PM Vishwakarma Yojana, etc. She was happy to note that these efforts have led to a very rapid increase in the number of registered MSMEs. She expressed confidence that the Online Dispute Resolution Portal for MSMEs will prove to be important in cases of delayed payments.
The President said that innovation is very important for the sustainability of MSMEs. Promotion of grassroots innovation by MSMEs can provide affordable solutions to local issues from local resources.
The President was happy to note the increase in participation of women in the MSME sector in recent years. She said that the participation of more and more women in this sector is essential for the all-around development of the country. She urged the young women to set up enterprises and become self-reliant.
Micro, Small and Medium Enterprises form the backbone of both the Indian and global economy. By fostering entrepreneurship, generating employment and promoting inclusive development, MSMEs continue to drive economic transformation at the grassroots level. Globally, MSMEs represent the most dominant segment of the business ecosystem, accounting for nearly 90 per cent of enterprises and over 50 per cent of total employment.
Recognising the critical role of MSMEs worldwide, the United Nations designated 27th June as International MSME Day in 2017. The theme for 2025 focuses on enhancing the role of MSMEs as drivers of Sustainable Growth and Innovation.
