MSMEs heart of 5 trillion economies?
Since its formation, the MSME segment has province to be a highly dynamic Indian economic sector. MSMEs produce a wide range of products for Indian as well as international markets. MSMEs have provided employment opportunities in the rural area. Their contribution to the industrialization of rural areas with the yellow capital cost is quite appreciable. MSME’s contribution is remarkable in the economic development in different areas like requirement of low investment, flexibility in Operation, transportation, and huge contribution to domestic production. it also provides credit support limits or funding support to banks. The sector contributes with a wide network of about 6.3 crores units producing more than 8000 products and a share of around 36% in nominal GDP. their capacity to provide employment to around 120 million people and contributes around 45% of the overall export for India. According to the annual report of the Government of India, there are more than 6cr MSMEs in India. MSME ministry targets 2 increase its contribution towards GDP by up to 50% by 2025 and move ahead to reach a 5 trillion economy. MSME is in India provides silent support and acts as a defense against global economic shock and adversities.
MSMEs are contributing to the 5trillion economy!
