The Prime Minister Narendra Modi on November 2, 2018, launched the Micro, Small and Medium Enterprises (MSME) Support and Outreach Programme at Vigyan Bhavan in New Delhi. The launch of the programme was witnessed by Union Minister for Finance and Corporate Affairs, Arun Jaitley and the Union Minister of State for MSME, Giriraj Singh, among other dignitaries.
Five key aspects of facilitating the MSME sector:-
• Access to credit
• Access to market
• Technology upgradation
• Ease of doing business
• A sense of security for employees
1. The Indian MSME sector provides maximum opportunities for both self-employment and wage-employment outside the agricultural sector.
2. The sector generates around 100 million jobs through over 46 million units situated throughout the geographical expanse of the country.
3. With 38 per cent contribution to the nation’s Gross Domestic Product (GDP) and 40 per cent and 45 per cent share of the overall exports and manufacturing output respectively, the sector plays a key role in our economy.
4. Besides the wide range of services provided by the sector, the sector is engaged in the manufacturing of over 6000 products ranging from traditional to hi-tech items.