MSMEs have become the backbone of India’s economic growth, both through employment generation and industrial development. Despite contributing less than 40% of the GDP, India’s MSMEs account for approximately 40% of total employment and an impressive 70% of employment within the business sector. Also, it is transforming India into a global economic powerhouse, where growth support comes from governments, digital transformation initiatives, and an emerging entrepreneurial community.
MSMEs have become the backbone of India’s economic growth, both through employment generation and industrial development. Despite contributing less than 40% of the GDP, India’s MSMEs account for approximately 40% of total employment and an impressive 70% of employment within the business sector. Also, it is transforming India into a global economic powerhouse, where growth support comes from governments, digital transformation initiatives, and an emerging entrepreneurial community.