Empowering MSMEs: A Path to Viksit Bharat by 2047

The Role of MSMEs in India's Economic Growth

New Delhi, May 31: Micro, small, and medium enterprises (MSMEs) are pivotal for achieving a Viksit Bharat by 2047. A senior government official emphasized the importance of collaboration between industries and MSMEs to acknowledge their significant contributions to India's growth ambitions.

Over the past decade, India has made remarkable progress, advancing from the 10th largest economy to the 4th largest today.

Dr. Rajneesh, Additional Secretary and Development Commissioner at the Ministry of MSMEs, highlighted that through initiatives like vendor development programs, technology upgrades, and integrating SMEs into supply chains, a mutually beneficial environment can be established. This approach not only aids MSMEs in their growth but also allows industries to meet their domestic sourcing needs, aligning with the goals of Atmanirbhar Bharat and a Viksit Bharat.

During the ‘CII Annual Business Summit 2025’, Dr. Rajneesh introduced the ‘CII MSME Export Helpdesk’, expressing hope for its potential to enhance MSME competitiveness and productivity.

R. Mukundan, Vice President of CII, discussed four essential pillars necessary for unlocking the full potential of MSMEs, which include skill development and reducing regulatory burdens.

He noted that beyond job creation, exports are crucial as they integrate India into the global value chain, particularly in sectors like textiles, agricultural processing, and leather, where MSMEs are key suppliers.

With their grassroots presence, MSMEs are fundamental to transforming India into a high-performing, competitive economy.

In a global context, Sunil Mathur, Managing Director and CEO of Siemens India, pointed out that Germany, with a population of 84 million, employs 27 million in small and medium enterprises, contributing 55% to its GDP. This comparison underscores India's vast potential with its 60 million enterprises.