MSME Industry of India: Outlook and Challenges

MSME Industry of India: Outlook and Challenges

Wednesday, June 23 2021

“If I cannot do great things, I can do small things in a great way”. Martin Luther King, Jr.

Introduction

Micro, Small and Medium Enterprises (MSMEs), which are the growth driver of the Indian economy, are characterized typically by its informal nature with high employment-intensity, exports, substantial contribution to domestic GDP, operational flexibility with low investment requirement, etc.

The significance of MSMEs stems, inter-alia, from the following facts.

• a country-wide network of 63 million units.
• Provide employment to 110 million people.
• Contribute 30.3 per cent of GDP.
• Contribute 49.81 per cent of all India exports in the first three quarters of FY2020.
• driver of growth and distributive equity globally.

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