Discuss the impact of MSMEs on the 'Make in India' campaign.
Analyze the role of MSMEs in promoting domestic manufacturing.
- Backbone of Manufacturing: MSMEs contribute around 45% to India’s total manufacturing output, making them vital for the ‘Make in India’ initiative.
- Employment Generation: They are the second-largest employer after agriculture, providing jobs to over 110 million people, thus supporting inclusive growth.
- Innovation and Flexibility: MSMEs are agile and innovative, quickly adapting to new technologies and market demands, which fosters competitiveness in domestic manufacturing.
- Promotion of Indigenous Products: By focusing on local resources and skills, MSMEs help reduce import dependency and promote indigenous products.
- Boosting Exports: MSMEs contribute nearly 40% to India’s exports, enhancing the global presence of Indian-made goods.
- Regional Development: MSMEs operate in rural and semi-urban areas, promoting balanced regional development and reducing urban migration.
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