‘Atmanirbhar Bharat’ is an alignment between Indian economy and performance of MSMEs

On this occasion of World SME Day, BB Swain, Secretary in Ministry of Micro, Small and Medium Enterprises pens down his thoughts on the relevance and importance of the MSME ecosystem.

On the occasion of International MSME Day on 27th June, I on behalf of the Ministry extend my greetings and appreciation to MSMEs for their efforts and contribution to the Nation building. The International MSME Day is celebrated to recognise, commend, and raise awareness of the economic contributions of micro, small, and medium-sized enterprises (MSMEs).

Micro, Medium, and Small Enterprise (MSME) sector in India is a thriving sector that is the backbone of Indian economy. Over the past five decades, MSME sector in India has grown as a highly vibrant and dynamic segment of the Indian economy. These economic engines have a big impact on the country’s GDP and employ a large percentage of Indian population. MSMEs also play a huge role in promoting trade and contribute significantly in Indian exports.

The Covid-19 pandemic has presented MSMEs with a unique set of challenges as well as opportunities. Our entrepreneurs have taken up the challenges head on and have made remarkable progress in various sectors of industry such as manufacturing, engineering design, textiles, food processing, pharmaceuticals etc. With the Hon’ble Prime Minister’s clarion call for “Aatmanirbhar Bharat”, the correlation between the Indian economy and the MSME performance has never been more aligned.

Fast changing global economic scenario has thrown up various opportunities and challenges to the MSMEs in India and it is the need of the hour for MSMEs to move towards advanced technologies to become future ready. MSMEs must adopt technologies to achieve higher efficiencies, rapid speed, cost reduction, and safer work environments by digitizing all aspects of business operations. Adoption of such technologies will integrate different silos of the business through a seamless network. The technologies have the potential to create additional opportunities for the entire manufacturing value chain, from procurement of raw materials to distribution of products/services, through digital integration.

The last year has been challenging for all of us. However, I would want to end my message by saying that there is always a light at the end of the tunnel and together we will overcome the hurdle.

By B B Swain, Secretary (MSME), Government of India.