‘India’s MSMEs must adopt the mantra of going from local to global’7 min read 14 Feb 2023, 12:05 AM IST
Recognizing the immense contribution and potential of MSMEs, the finance minister has allocated a record ₹22,138 crore in the Union budget for FY24 for the MSME ministry
NEW DELHI : The contribution of micro, small and medium enterprises to India’s economic growth is well-documented. A report by consultancy KPMG and industry body the Confederation of Indian Industry said the entities account for nearly 30% of India’s gross domestic product and 45% of its exports. MSMEs also play a crucial role in socio-economic development, such as employment generation (at 110 million), reducing inequalities, rectifying regional imbalances, and providing low-cost raw material to support large industries and allied sectors.