Micro, small, and medium-sized businesses have a well-established impact on India’s economic development. According to a survey by the Confederation of Indian Industry and consulting firm KPMG, these companies are responsible for approximately 30% of India’s GDP and 45% of its exports. The creation of 110 million jobs, the reduction of inequities, the abolition of regional imbalances, and the provision of low-cost raw materials to support major industries and related sectors are all important aspects of how MSMEs contribute to socio-economic development.
Therefore, Mint took the initiative to hold the “National MSME Conclave 2023” with great pride “—a forum for debating the state of MSMEs and charting the future.
“Solidifying India’s Position on the Global Stage” is the event’s theme “concentrating on small The backbone of the Indian economy is business.
The National Small Industries Corp. (NSIC), the Small Industries Development Bank of India (SIDBI), the Micro Units Development and Refinance Agency, and Khadi India are all partners with Mint.
Shalil Gupta, the business head of Mint and Mosaic Digital, greeted the dignitaries and attendees to the event and praised the MSMEs’ contribution to India’s economic growth as well as the steps taken by the government and other organisations to promote them.
MSMEs are expanding across industries and regions, yet the statistics only reflect development in the organised sector. Swain asserts that the MSME sector is well-positioned to succeed because of its strengths. extremely durable and adaptable. The government will “implement policy and solve the issues faced by MSMEs across sectors” to encourage its growth. An example of this is the notification that was released in October and permits MSMEs to maintain the MEME status for up to three years regardless of a classification upgrade.
“The Udyam Assist platform was launched on January 11 to bring informal micro-enterprises into the formal ambit,” he said. “With this project, Udyam will cover more than 50 million entities. To make it easier for MSMEs to access the programmes of other ministries, departments, and state governments, the ministry also launched the Udyam Shakti portal on June 29, 2022,” he continued.
Given that finance and economics are essential to the success of an organisation, The chairman and managing director of Sidbi, Sivasubramanian Ramann, provided some insight on India’s significant fintech footprint. Giving the Fund of Funds programme at the Centre due credit, he said: “The leap of faith taken by the ministry of DPII to provide the 10,000 crore startup fund to Sidbi in 2016…these startups have really surprised us and I think the core of that lies in the fact that the engineering and computing talent of this country has probably come to the fore. Fortunately, a sizable portion of the tech investments made by alternative investment funds (AIFs) are in fields like biotech, agritech, etc. and have gone to extremely excellent social uses. How technology has evolved
