MSME sector contributed significantly to the Indian economy in terms of Gross Domestic Product, exports and employment generation, it’s the contribution of the total Gross Value Added standing at 31.8 percent. The share of MSME related products in total exports from India during the year 2018-19 was 48.10 percent.
MSME sector is an important pillar of the Indian economy. They contributed greatly to the commercial growth with a vast network of around 30 million units. MSMEs have created employment of about 70 million, manufacturing more than 6000 products.
They contributed about 45 percent for manufacturing output and finally about 40% of exports. The sector continued to face certain constraints regarding the availability of adequate and timely credit, high cost of credit, collateral requirements, access to equity capital and rehabilitation of sick enterprises, and more, despite its significant contribution.
The 73rd round of National Sample Survey (NSS), conducted by the Centre during 2015-16. The estimated number of workers in unincorporated nonagricultural MSMEs in the country to be 11.10 crores.