Celebrating the World MSME Day we look at the Micro, Small, and Medium Enterprises (MSMEs) of India that are truly the backbone of the economy. MSMEs in India contributes nearly 8% of the country's GDP, approximately 45 % of manufacturing output, and 40% of export.
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With 6.3 crore enterprises registered with the MSME ministry, it is only second to China in size. MSMEs also created about 600,000 new jobs this past year, besides employing over 110 million people.
Even as the industry grows rapidlly the challenges are also rising. Even though access to credit has improved dramatically, the problems around the supply chain are new.
The critical step to boost Indian MSMEs is to connect them to the global markets through trade deals and agreements which the government is hoping to achieve via varied trade agreements with vital partners.