MSME INDUSTRY OUTLOOK: GROWTH AND CHALLENGES
- Credit Rating Agency in India
- Industry Report
- MSME INDUSTRY OUTLOOK: GROWTH AND CHALLENGES
The MSMEs have fostered equitable economic growth and also played a critical role in creating employment opportunities and significantly contributing to the nation’s social development. The MSME sector has emerged as a vibrant and dynamic sector of the Indian economy, fostering entrepreneurship, and generating self-employment opportunities at comparatively lower capital cost, next only to agriculture. India has 633.9 lakh million micro, small and medium enterprises (MSMEs), contributing almost a third of the country's GDP. Also, as of August 2023, MSMEs employed 12.36 crore people in India. Similarly, the annual report of the MSME Ministry for FY23, which cites data from the National Sample Survey (NSS) conducted in 2015-16, reveals that there approximately 63 million MSMEs in India. These MSMEs contribute around 30 per cent to India’s GDP and over 40 per cent to its exports. Additionally, the survey revealed that the Indian government aims to augment employment in the MSME sector by 5 crore by the year 2025.