Strong MSME sector vital for India’s growth

New Delhi

President Droupadi Murmu said on Friday that a strong micro, small, and medium enterprises (MSME) sector is very important for India’s long-term and fair economic development.

Speaking at the ‘MSME Day’ event in the capital, she called MSMEs a strong pillar of the Indian economy. They add a big share to the country’s GDP, help grow innovation from the ground level, and create jobs at low cost—especially in rural and less developed areas.

President Murmu said the MSME sector is helping the country move forward but faces many problems. These include lack of money, tough competition from large companies, limited access to new technology, raw material shortages, a shortage of skilled workers, small markets, and delayed payments.

She said the government understands these issues and has taken steps to fix them. Some efforts include updating how MSMEs are classified, increasing loans to them, and asking government offices and public companies to buy at least 35% of their goods from small businesses. She also mentioned the PM Vishwakarma Yojana, which trains artisans.

She was pleased that more MSMEs are getting officially registered and said the Online Dispute Resolution Portal will help solve payment delays.

President Murmu highlighted that innovation is key for MSMEs to survive and grow. She said local solutions using local resources can solve real problems in society.

She was also glad that more women are joining the MSME sector and encouraged young women to start their own businesses and become self-reliant. Women’s participation, she said, is important for full national development.