MSMEs are the lifeblood of India, whether it be running our GDP, our vibrant export profile or facilitating employment across the country.
Be it micro, small or medium sized firms, each type of enterprise has played a pivotal role in shaping the sector’s growth story till date.
The Micro, Small, and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. It contributes significantly to the economic and social development of the country by fostering entrepreneurship and generating large scale employment opportunities across both the rural and urban fronts.
In view of this, the government has taken out a number of flagship initiatives over the years to help disseminate technological advancement among MSMEs and provide them with the needed support across all areas of operations.
However, do these programmes cover the unique needs of enterprises across all developmental stages? Or are they more concentrated toward micro and smaller ones?
The micro-small-medium journey itself consists of a substantial difference in size and scope. Will the needs of these enterprises supposedly then stay uniform across this cycle – i.e., will medium enterprises require the same support as micro enterprises do? Or will there need to be a revamp in measures and policies? What is the current scenario with regards to the placement within the MSME (micro-small-medium) sphere?
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