COVER STORY

The In­dian Growth Story

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MSME sec­tor plays a cru­cial role in gen­er­at­ing large em­ploy­ment op­por­tu­ni­ties at a com­par­a­tively lower cap­i­tal cost as com­pared to big­ger in­dus­tries. Since MSME’S gen­er­ally op­er­ate from small towns, they as­sist in the in­dus­tri­al­i­sa­tion of back­ward and ru­ral ar­eas. How­ever, at the same time these MSMES com­ple­ment the large in­dus­tries as well.

The sec­tor con­sists of 36 mil­lion units and pro­vides em­ploy­ment to over 80 mil­lion peo­ple, ac­cord­ing to a re­port pub­lished by the MSME Min­istry in 2016. Pro­duc­ing more than 6,000 prod­ucts, the con­tri­bu­tion of MSMES to the na­tional GDP is 8 per cent. The sec­tor also con­trib­utes 45 per cent to to­tal man­u­fac­tur­ing out­put and 40 per cent to ex­port.

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