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MSME Sector: Creating wealth for country & jobs for people

MSME sector has been a major contributor to the socio-economic development and employment generation of the country with around 30% share in India?s GDP. As per Central Statistics Office, Ministry of Statistics & PI, the share of MSME in GDP at current prices (2011-12) for the year 2018-19 and 2019-20 were 30.5% and 30.0% respectively. Similarly, the shares in total manufacturing of the country during the year 2018-19 and 2019-20 were 36.9% and 36.9% respectively. Further, as per Directorate General of Commercial Intelligence and Statistics, the shares of exports of specified MSME related products to all India exports during 2019-20 and 2020- 21 were 49.8% and 49.5% respectively.

Entrepreneurship gets a boost

This is sufficient to understand how important MSME sector has become for the country. The Micro Small and Medium Enterprises (MSME) also contribute significantly when it comes to promoting entrepreneurship especially in semi-urban and rural areas of India. Under the Prime Minister?s Employment Generation Programme (PMEGP), the estimated employment generated (number of persons) in micro enterprises during the year 2020-21 and 2021-22 (as on 01.07.2021) are 5.95 lakh and 1.19 lakh respectively.

Expo2020 Dubai

Hence, when Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal says that the country aspires to become the largest startup ecosystem in the world, it doesn?t appear to beyond our ambit. In a seminar- „Gateway to Growth – Roundtable on Indian Startup Ecosystem? in Abu Dhabi, UAE, Goyal said, “Today we are the third largest Startup ecosystem, but our aspiration is to be the world?s number one startup destination. The Startup bug has caught India?s imagination. The entire innovation ecosystem that the Startup industry represents is giving a new direction, new momentum to India.”

A blend of investors and entrepreneurs

India offers one of the best ecosystems for Startups with a special „jugalbandi? or blend between investors and entrepreneurs to get a balanced outcome and achieve a win-win solution for all. Dubai Expo has also offered tremendous response, where our Startups have got the opportunity to raise finances, sign MoUs and get angel investments. All these aspects are bound to help strengthen India?s strong bond of friendship with the UAE. Around 700 Startups showcased their innovations at Expo2020 Dubai. Goyal said that the role of the government is to provide a level playing field and the best business ecosystem to the Startups, which we are trying to give them to.

Setting Up of Agro based Industries in Rural Areas

Ministry of MSME, through Khadi and Village Industries Commission (KVIC), is implementing Prime Minister?s Employment Generation Programme (PMEGP) for generating employment in the 

country, including the rural areas, by setting up of micro-enterprises in the non-farm sector including Agro Based Food Processing Industries (ABFPI).

Self Employment Opportunities

Ministry of MSME, through Khadi and Village Industries Commission (KVIC), has also taken various new measures for the development of Khadi and Village Industries (KVI) and creation of more employment opportunities in the country. During the year 2020-21, more than 10,000 people were trained scheme-wise for the creation of employment/self-employment opportunities through various Departmental and Non-Departmental Training Centres of KVIC and Training programmes organized by the field offices of KVIC under various programmes.

Mega International Summit on MSMEs’ Competitiveness

Ministry of MSME, Government of India and the Entrepreneurship Development Institute of India (EDII), Ahmedabad, are organizing a „Mega International Summit on MSMEs? on March 29 and 30, 2022, at the India International Centre, New Delhi. The two-day summit is going to be attended by entrepreneurs, academicians, policymakers, industry leaders, thought leaders, business chambers, industry associations, startups, social impact organizations, MSMEs and self-help groups from India and across the world.