The Micro, Small and Medium Enterprises (MSME) is a vibrant and dynamic sector. Often termed as ‘’engine of growth’’ with over 6 crores units, providing employment to more than 11 crores people, having 28% share of GDP and 40% of exports. This sector exhibit importance in promoting sustainable and inclusive development as well as generating large scale employment.
Like other sectors, MSME also has been adversely affected in terms of productivity during COVID-19. Accordingly, the efficiency and productivity of MSME assume further significance to achieve overall objectives of economic development and a V shape recovery of Indian Economy.
MSME ministry was created in 2004 and MSMED (Micro, Small & Medium Enterprises Development) Act was enacted in 2006 with aim of facilitating promotion and development and enhancing the competitiveness of MSMEs and matters connected.
MAIT provided inputs on behalf of its members to refine the Draft National Policy for Micro, Small and Medium Enterprises (MSMEs) of the Government of India.