President Murmu highlights MSMEs’ crucial role in India’s economic growth

President Droupadi Murmu on Friday emphasized the significance of micro, small, and medium enterprises in the country’s sustainable economic development during the MSME Day celebration here, a release from the President’s Secretariat said.

Asserting that “a robust MSME ecosystem is not only important but also essential for the country’s sustainable economic development”, she said, “Micro, Small and Medium Enterprises are a strong pillar of the country’s economy. They contribute significantly to GDP and promote innovation at the grassroots level…..These enterprises generate more employment opportunities at a relatively low cost of capital… and generate employment in rural and backward areas, contributing to inclusive growth.”

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“The MSME sector faces many challenges, including problems of finance, competition from big corporations, lack of latest technology, lack of raw material, and skilled workforce, limited market, and delayed payment,” the President said.

“The Government of India has taken several policy initiatives, including revision of classification criteria for MSMEs, increase in credit availability, and skill development of artisans under the PM Vishwakarma Yojana,” she noted.

Underscoring that innovation is very important for the sustainability of MSMEs, the President asserted, “The participation of more and more women in this sector is essential for the all-around development of the country.”

She further said that “promoting green technology in the MSME sector is the need of the hour to increase sustainability and competitiveness and help achieve climate goals.”

The President also expressed confidence in the Online Dispute Resolution Portal for MSMEs, which will help resolve delayed payment issues. She noted the rapid increase in registered MSMEs and urged young women to set up enterprises and become self-reliant.