India's MSMEs: Key to Economic Growth and Competitiveness
The Indian manufacturing sector, despite its significant contributions, has long grappled with regulatory hurdles and high business costs. Now, the spotlight is on Micro, Small, and Medium Enterprises (MSMEs) to drive growth and competitiveness in India, with the government and industry bodies stepping in to support this critical sector.
MSMEs, which employ over 110 million people and contribute 28% of GDP and 40% of exports, can gain a competitive edge by adopting quality and business excellence practices. These practices foster competitiveness, agility, and stakeholder focus, enabling MSMEs to navigate challenges and thrive in India.
Enhancing productivity and efficiency in this sector is paramount for India's economic recovery and growth. Skill development is identified as a key driver, especially with the advent of Industry 4.0 and increased digitization in India. The Indian industry is urged to play a pivotal role in skilling the youth to boost worker productivity and global competitiveness.
While there's no specific initiative mentioned by CII or other organizations in the search results, the Indian government is focusing on improving the ease of doing business and reducing costs in India. This, coupled with the nation's demographic dividend available for the next three decades, underscores the urgency to skill the youth and leverage this advantage in India.
Competitiveness is vital for India's prosperity and economic growth. By fostering excellence in MSMEs, enhancing productivity, and skilling the youth, the nation can harness its demographic dividend and secure a strong position in the global economy.
