Private labels offer Indian MSMEs an export pathway
Let’s set policy for small firms to succeed as label suppliers as digital trends open up vast opportunities
India’s strategic focus on linking Micro, Small and Medium Enterprises (MSMEs) to global value chains, as highlighted at G20 meetings and through our Foreign Trade Policy, 2023, is undeniably a step in the right direction. The MSME sector is one of our largest employers, accounting for 29.2% of GDP and 36.2% of manufacturing output in 2021-22. However, the share of MSMEs in our exports has declined from 49.4% in 2020-21 to 43.6% in 2022-23. While the Indian economy is on a fast-growth trajectory, considering the global economic outlook, MSME exports are going through a tough time.