- By Aditya Pratap Singh
- Thu, 27 Jun 2024 12:28 PM (IST)
- Source:JND
MSME Day 2024: The MSME sector has a significant role in shaping the nation’s economic landscape as contributes around 33% to India’s total GDP. Furthermore, considering the sector’s potential and chart of growth momentum, it is expected that there will be a substantial contribution of US$1 trillion to India's total exports by 2028. This statistical prediction itself showcases the immense potential and influence of the MSME sector in propelling India’s future economic trajectory.
On account of MSME Day today, it’s very important to talk about the importance of the MSME sector, its growth, and its contribution to Nation building and shaping India’s future, considered a ‘growth engines’ and ‘catalyst of economic and social development’. MSMEs generate employment, increase the level of manufacturing, earn more foreign exchange, and are primarily self-funded.
"On this MSME Day, we recognize and celebrate the vital role that Micro, Small, and Medium Enterprises (MSMEs) play in India's economic landscape. MSMEs are a massive contributor to the GDP of India, accounting for nearly one-third of our nation’s GDP and serving as a significant driver of job creation. We believe in the transformative potential of MSMEs and are committed to supporting their growth and digital integration. Together, we can continue to drive innovation and economic prosperity across India”, said Mukesh Kumar, Associate Partner at Redseer Strategy Consultants.
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The Government of India has also started focusing on the sector supported in all possible ways to keep the growth momentum, especially during the period of pandemic that affected cash flow in the MSME sector. The sector has played a larger role when it comes to realizing the goal of self-reliant India or the Atmanirbhar Bharat.
As MSMEs continue to grow and develop, they have the caliber to compete at an international level and take India to the global level. If they start working with digital innovations and go digital, this further increases their chance to grow, develop, and excel. Digital empowerment of MSMEs helps build a strong ecosystem that helps enterprises to understand challenges, and visualize their solutions at the same time to solve them instantly and make businesses resilient to uncertainties. At the same, they must be digitally empowered in terms of information security enforcement, data protection, and cyber security.
Suyash Sinha, CEO and co-founder, Exly, stated, “We recognize the invaluable contributions of MSMEs in our industry and beyond. We believe that knowledge is the currency of the future, and every entrepreneur, educator, and creator has the potential to make a significant impact. Through our platform, we aim to nurture and support these aspiring entrepreneurs by providing transformative digital solutions that enable them to scale their businesses and reach new heights of success. Together, we can build a brighter future for MSMEs, empowering them to thrive in a rapidly growing digital economy."
Shivam Singla, Founder, and CEO, Leegality, emphasized making the credit process easier for MSMEs
"On this MSME Day, let's acknowledge and celebrate the crucial role played by micro, small, and medium-sized enterprises in our economy. We are committed to helping MSMEs by making access to credit easier and faster for them. By digitizing MSME loan paperwork, we help Banks and NBFCs expand their geographical coverage, helping them reach more and more MSMEs in need of financial support. Together, let's acknowledge, support, and nurture MSMEs' role in advancing the UN's 2030 Agenda and helping this world achieve its Sustainable Development Goals."
There is a long way to get the desired stage of growth for the MSME sector in India. With an emphasis on streamlined regulations by the government, improved credit access, and fostering digital innovations, MSMEs can significantly boost the nation’s economic growth and prosperity.
