What is the role of MSMEs in the Indian growth story?

The role of MSMEs (Micro, Small, and Medium Enterprises) in the Indian growth story is pivotal. At a recent conclave in Coimbatore, the focus was on their contribution and challenges.

• MSMEs contribute around 30% to India's GDP and 45% to manufacturing output.
• They are crucial for job creation, employing over 110 million people.
• The conclave highlighted the need for easier access to credit and technology adoption.
• Discussions emphasized the importance of upskilling the workforce and promoting exports.
• Government initiatives like 'Make in India' and digitalization were showcased as growth enablers.
• The event also addressed challenges such as regulatory hurdles and supply chain disruptions.

Overall, the conclave underscored MSMEs as engines of economic growth and innovation, vital for India’s inclusive and sustainable development.