Today, India celebrates National Micro, Small, and Medium Enterprises (MSME) Day, recognizing the significant contribution of this sector to the country's economy. MSMEs make up over 40% of industrial production and offer a diverse range of products and services, including intermediate goods for larger industries. They are critical to employment generation and form the backbone of the Indian economy. The Indian government designated National MSME Day in 2001 to showcase the sector's importance. Since then, the Ministry of MSMEs has implemented various policies to foster a favorable environment for small businesses, including tax exemptions, easier access to loans, and technical guidance for entrepreneurs. The sector contributes substantially to India's export industry, accounting for over 45% of various sub-domains such as textiles, automotive, and jewelry.