MSMEs: The Backbone of India’s Economy
President Droupadi Murmu, speaking at the MSME Day celebration in New Delhi, emphasized that Micro, Small, and Medium Enterprises (MSMEs) are not just important—they are essential for India’s sustainable economic development.
She noted that these enterprises make a significant contribution to GDP, create employment, and promote innovation at the grassroots level. What makes them unique is their ability to generate employment in rural and backward areas, thus supporting inclusive growth and decentralization of development.
While praising the sector, the President also acknowledged key challenges that MSMEs face—access to finance, competition from big corporations, outdated technology, shortage of raw materials, and delayed payments. She added that a lack of skilled manpower and limited market access further complicate their progress.
To address these, the Government of India has introduced several policy reforms. Among them are:
- Revision of classification criteria for MSMEs
- Improved credit availability
- Mandatory 35% procurement from MSMEs by PSUs
- Support through PM Vishwakarma Yojana for artisan skill development
- Launch of Online Dispute Resolution Portal to tackle delayed payments
Grassroots Innovation and Local Solutions
President Murmu highlighted that innovation is key to MSME sustainability. She called upon entrepreneurs to use local resources for local issues. This approach not only makes businesses resilient but also improves affordability and relevance of solutions.
Empowering Women Through MSMEs
It was heartening, she said, to see a rise in women’s participation in the MSME sector. “This is essential for all-round development,” she remarked. Encouraging young women entrepreneurs, she urged them to set up enterprises and become self-reliant, underlining the role of gender equity in economic growth.
Green Technology: The Next Frontier
Highlighting environmental sustainability, President Murmu noted that MSMEs are major consumers of energy and contributors to emissions. She said, “Green technology adoption is now a necessity”—not just for the planet but also for improving MSMEs’ competitiveness.
Cleaner energy practices, waste reduction, and climate-conscious production methods will help India move closer to its climate goals while securing long-term business continuity.
The Path Forward: Sustainable and Inclusive Growth
In her concluding remarks, the President reaffirmed that a robust MSME ecosystem is the foundation for a resilient and inclusive economy. She called upon stakeholders—government, industry bodies, banks, and youth—to come together and build a future-ready sector.
MSMEs are the heart of India’s economic engine. With right policies, innovation, and inclusive support, they can lead Bharat towards Viksit Bharat @2047.