The micro, small and medium enterprises (MSME) sector has emerged as the growth engine of the economy and is showing signs of revival after the pandemic-led de-growth in early part of the current fiscal, according to Reserve Bank of India (RBI) governor Shaktikanta Das, who recently said the sector has been rendered vulnerable by the pandemic.
“MSME has emerged as the growth engine of the economy with a vast network of about 6.33 crore enterprises contributing 30 per cent of our nominal Gross Domestic Product (GDP) and 48 per cent to exports,” he said while addressing an event on the occasion of 185th Foundation Day celebration of Bombay Chamber of Commerce and Industry.
Concerted efforts are needed to combat the stress and focus on the revival of the sector, he said.
Das called for increasing digital payment and digital penetration across the country.
“As digital capabilities improve and connectivity becomes omnipresent technological innovation and technology-driven revolution are poised to quickly and radically change India’s economy,” he was quoted by a news agency as saying.
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