In India, micro, small and medium enterprises (MSMEs) contribute nearly eight percent of the country’s GDP, around 45 percent of the manufacturing output, and approximately 40 percent of the country’s exports. Hence, it won’t be wrong to refer them as the ‘Backbone of the country.’ Recently, Union Minister Nitin Gadkari stated exactly the same talking about the topic, while addressing the virtual inaugural ceremony of the 10-day ‘Namaste Bharat’ exhibition. He stated MSMEs are the backbone of the economy and can help in boosting exports. “We are giving highest priority for how we can reduce our import and increase our exports. The global economy is an open platform where the quality, cost and scale of marketing of products are very important factors. Presently, MSMEs are the backbone of the country,” said the MSME minister. He further added that the government wants to create more employment in the backward and tribal areas.

“We want to recognize, respect, support and facilitate women entrepreneurs and at the same time we want to incentivize them,” he added. He said through the Khadi Gram Udyog, the government is now concentrating on village industries and areas which are socially, economically and educationally backward.

We are giving highest priority for how we can reduce our import and increase our exports

“We want to focus on these areas where we need more concentration for gaining and creating employment potential and growth. And that is exactly the way of eradication of poverty, which is our mission. They need guidance, innovation and technology and that is where we need to help them,” the minister added. The 10-day Namaste Bharat is the first of its kind exhibition for promoting ‘Made in India’ products globally. It has been conceptualized and curated by Singapore’s leading events and marketing company De Ideaz. The exhibition will see over 300-plus local Indian exhibitors showcasing over 1 lakh Made in India products. Namaste Bharat is backed by the Federation of Indian Export Organizations (FIEO) and the High Commission of Singapore.

MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socio-economic development. It not only generates employment opportunities but also works hand-in-hand towards the development of the nation’s backward and rural areas. According to the annual report by the Government (2018-19), there are around 6.08 crore MSMEs in India. Not just that but MSMEs have played an essential role in providing employment opportunities in rural areas. They have helped in the industrialization of these areas with a low capital cost compared to the large industries. Acting as a complementary unit to large sectors, the MSME sector has enormously contributed to its socio-economic development.