President Murmu emphasises MSME sector growth

New Delhi

President Droupadi Murmu on Friday highlighted the crucial role of the Micro, Small and Medium Enterprises (MSME) sector in India’s sustainable economic development, calling it a strong pillar of the national economy.

Speaking at the ‘MSME Day’ celebration in New Delhi, President Murmu noted that MSMEs significantly contribute to GDP, foster grassroots innovation, and generate employment, especially in rural and backward regions, at a relatively low capital cost.

“The MSME sector is playing a vital role in the country’s progress,” she said. “However, it faces several challenges including limited access to finance, competition from large corporations, outdated technology, lack of raw materials and skilled labour, constrained markets, and delayed payments.”

Acknowledging these concerns, the President stated that the government has introduced various policy measures to support the sector. These include revising classification criteria for MSMEs, expanding credit access, mandating central ministries and public sector enterprises to procure at least 35% of their needs from micro and small businesses, and promoting skill development through initiatives like the PM Vishwakarma Yojana.

She expressed satisfaction over the rise in registered MSMEs and expressed hope that the Online Dispute Resolution (ODR) Portal would help resolve payment-related disputes efficiently.

President Murmu also stressed the importance of innovation for the sector’s sustainability and said grassroots innovations could offer cost-effective, localised solutions. She further praised the growing participation of women in the MSME sector and encouraged more young women to become entrepreneurs, stating that women’s involvement is essential for the country’s inclusive development.