MSMEs crucial for achieving India’s ambitions of a developed nation by 2047: Narayan Rane

“MSMEs have played a crucial role in contributing to the development and economy. In export, we contribute approximately 50%,” Union Minister Narayan Rane said in a tweet on the occasion of World MSME Day.

World MSME Day is celebrated on June 27 to appreciate the struggle of micro, small, and medium entrepreneurs who form the backbone of India’s economy. 

The tweet highlighted that the MSME sector contributes to 90% of businesses, 60 to 70% of employment, and 50% of GDP worldwide. The sector also contributes over 30% to the nation’s GDP. It also employs over 12 crore people, “from Charkha to Chandrayaan.”

The MSME ministry aims to make India self-sufficient and rank third from its current position of fifth in the world economy, the minister said. 

He added that by including more entrepreneurs from the MSME sector and by using modern technology, the ministry would try to improve output and increase production. 

Speaking to ET Online, Rane said, “Digitisation can help small businesses become resilient. For businesses, this means having the flexibility to adapt to disruptions and continue their operations, and digital technologies can serve as a tool for businesses in building their resilient capacity.”

Technology also acts as a leveller enabling SMEs to adapt quickly during a crisis just as large businesses, he added.

Emphasising how MSMEs can play a vital role in India’s ambitions of a developed nation by 2047, he said that “it seeps into every aspect of our lives”. 

“From the food we eat to the cars we drive, it would not be wrong to say that every product in our lives has seen some contribution or the other from an MSME,” he added.