New Delhi, Mar 28 (KNN) The Indian government is implementing a comprehensive strategy to bolster micro, small, and medium enterprises (MSMEs), positioning them as a critical driver of economic transformation and national development.
Union Minister for MSMEs, Jitan Ram Manjhi, articulated this vision during the ‘MSME Leadership Summit 2025’, emphasising the sector’s pivotal role in realising Prime Minister Modi’s concept of ‘Viksit Bharat’ or a developed India.
Highlighting the government’s multifaceted approach, Manjhi underscored several strategic initiatives designed to provide financial and technical assistance to MSMEs.
Prominent programs such as ASPIRE, SFURTI, and CGTMSE are specifically crafted to support entrepreneurial ecosystems, while the PM Vishwakarma Yojana represents an ambitious effort to integrate 30 lakh MSMEs, artisans, and craftsmen into the modern economic framework over the next five years.
The economic significance of MSMEs cannot be overstated. Contributing nearly 30 percent to India’s GDP and 45 percent to exports, these enterprises form the backbone of the nation’s economic infrastructure.
Government initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’ are strategically designed to attract foreign investment and fortify domestic manufacturing capabilities, creating a robust and self-reliant economic environment.
Complementing ministerial perspectives, Mercy Epao, Joint Secretary at the Ministry of MSMEs, provided additional insights into the government’s formalisation strategy.
With an ambitious target of bringing 9 crore businesses into the formal economy by 2029, the government has already registered over 6 crore MSMEs through the Udyam and Udyam Assist portals.
This systematic approach not only enhances economic transparency but also provides critical support mechanisms for emerging businesses.
The digital transformation of MSMEs remains a central focus, as evidenced by initiatives like the ‘Digital Saksham’ programme.
By promoting technological integration and digital literacy, the government aims to equip small businesses with the tools necessary to compete in an increasingly digital global marketplace.
The emphasis on innovation and digital empowerment signals a forward-looking approach that recognises technology as a key enabler of economic growth and competitiveness.
As India continues to position itself as a global economic powerhouse, the strategic nurturing of its MSME sector represents a critical component of its developmental agenda.
(KNN Bureau)
