Empowering SMEs For Better Business Growth

The Micro, Small, and Medium Enterprise (MSME) sector has emerged as a very important sector of the Indian economy.

The sector plays a major role in the economic and social development of the country by fostering entrepreneurship and generating employment opportunities through innovation, exports, and inclusive growth. Its growth and development are closely interwoven with the country's mission to become a major global economic power.

MSMEs are widening their domain across sectors of the economy, producing a diverse range of products and services to meet the demand of domestic and global markets. It contributes in a significant way to the growth of the Indian economy, with a vast network of about 63 million enterprises with a 45% share in manufacturing output, more than 40% in exports, and over 30% of the GDP.

Government Schemes for MSME

Accordingly, various acts and schemes have been put in place by the Government, such as MSMED Act, 2006 and its later amendments, the Performance Linked Incentive scheme (PLI), Interest equalization Scheme for Exporters, etc., to provide a policy environment for promotion and development of the sector, enhancing its competitiveness and ensuring the flow of credit to it.

The Government prefers to procure products and…