In the globalized economy, MSME’s are the driving force behind a large number of innovations, stimulate private ownership, initiate entrepreneurial skills, help diverse economic activities and contribute to the National Growth through employment generation, investments and exports. They constitute more than 90% of all enterprises in most of the countries and employ more than 1/3rd of working population.
It is the backbone of Indian economy, nursery of enterprise & innovations and an important instrument for attaining inclusive and sustainable growth. The sector contributes 8% to GDP, 45% of the industrial output and 40% of exports through more than 57.7 million enterprises employing 120 million people.
It is the invisible root feeding the survival of majority of Indian population. It is diverse in terms of size, technology, location and range of 8000 products spanning from grassroots village industry to hi-tech components for satellites. If provided with the right financial & technological assistance, it holds the potential to achieve 20% GDP growth rate and make India Globally competitive. MSMEs are perhaps the most crucial link between India’s Economic growth & socio-economic transformation.