The micro, small and medium enterprises (MSMEs) in India have played a critical role in the industrial development of the country. While the number of MSMEs increased at a consistent rate of 10 per cent till 2010-11, the growth rate surged to 19 per cent in 2011-12. Compared to the number of MSMEs at 105.21 lakh in 2001-02, it has more than quadrupled to 447.73 lakh in 2011-12. The number of people employed has also increased from 249.33 lakh in 2001-02 to 1012.59 lakh in 2011-12. With the capabilities to manufacture hi-tech as well as traditional products, the MSMEs in India offer over 6,000 products.
The MSME sector accounts for almost 40 per cent of exports from India and for almost 45 per cent of the manufacturing output. In the times to come, the MSMEs can be expected to define the future of Indian business globally.