According to Mr. Narayan Rane, Minister of Micro, Small and Medium Enterprises, the MSME sector, which accounts for one-third of India's GDP, has room for expansion in coming years.
“Today, there are more than 90 million MSMEs in the country. Of these, 15 million MSMEs are under GST”, said Mr. Sivasubramanian Ramann, CMD, Small Industries Development Bank of India (SIDBI).
The MSME sector will be essential to achieving the ambitious goal of a US$ 5 billion economy with a 25% contribution from the manufacturing sector. Accelerating investment into the sector will be important, in addition to the other facilitating measures launched by the government to support the industry, according to Mr. Vinod Pandey, Chairman, Assocham National Council on Global Value Chain.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.