Small businesses are the backbone of economies around the world, providing jobs, innovation, and resilience. Micro, small, and medium enterprises make up over 90% of businesses worldwide and account for about 50% of employment. In India, small and micro enterprises contribute an estimated 33% to the GDP. There are over 63 million MSMEs spread across the country that together produce nearly USD 1 trillion worth of goods and services every year. Specific segments that drive GDP growth include manufacturing, trade, professional services, hospitality, healthcare, and more. Small enterprises are particularly essential in providing livelihood opportunities in semi-urban and rural areas where large companies have limited reach. Small and medium enterprises are hotbeds of innovation, often creating disruptive business models, products, and services that reshape industries. India is well-positioned to leverage this vital sector for lasting prosperity.
Small businesses are the backbone of economies around the world, providing jobs, innovation, and resilience. Micro, small, and medium enterprises make up over 90% of businesses worldwide and account for about 50% of employment. In India, small and micro enterprises contribute an estimated 33% to the GDP. There are over 63 million MSMEs spread across the country that together produce nearly USD 1 trillion worth of goods and services every year. Specific segments that drive GDP growth include manufacturing, trade, professional services, hospitality, healthcare, and more. Small enterprises are particularly essential in providing livelihood opportunities in semi-urban and rural areas where large companies have limited reach. Small and medium enterprises are hotbeds of innovation, often creating disruptive business models, products, and services that reshape industries. India is well-positioned to leverage this vital sector for lasting prosperity.