Sagar Verma’s Post

#MSMEs in India: The Economic Pillars Driving Growth and Innovation..!!! Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India's economy, fostering innovation, creating employment, and ensuring balanced regional development. They contribute: ✅ 30% to India's GDP ✅ 48% to exports ✅ 111 million+ employment opportunities 🔑 Key Highlights: Revised MSME Classification: Investment + Turnover-based criteria. Global Impact: Empowering local businesses for international reach. Inclusive Growth: Supporting rural and urban entrepreneurship alike. Let’s celebrate and support the growth of MSMEs, as they pave the way for India’s sustainable and inclusive economic future. Together, we can empower the pillars that empower us! 💼💡 📊 Explore how MSMEs are shaping India's growth story. #MSME #EconomicGrowth #Innovation #Entrepreneurship #IndiaEconomy #SmallBusiness #SMEs #StartupIndia #MakeInIndia

🚀 Boost Your Business with India’s MSME Sector 🚀 🔍 Interested in scaling up and tapping into new opportunities? 🔑 Dive into the role of MSMEs in fueling India's economic growth and discover pathways for your business success. 📈 Highlights of India's MSME Sector: Employment Generation: Major job creators in diverse regions. Export Contributions: Vital to India's global trade footprint. Government Support: Accessible financing and market expansion aid. 🌐 Leverage these insights to grow and innovate. MSMEs are not just business units, they are the pillars of economic development. 📲 Explore more in our detailed blog post: https://lnkd.in/g-RuKjr6 ✨ Strengthening MSMEs drives economic advancement and builds resilient communities. 👉 Share your thoughts and help empower entrepreneurs across India! #MSMEs #EconomicGrowth #Entrepreneurship #MakeInIndia

Why MSMEs are Thriving in India and the Vision Behind Their Growth ? Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, and their growth is a testament to the resilience and innovation of our entrepreneurs. Here’s why MSMEs are flourishing and the vision that drives their expansion: 🔹 Government Support and Initiatives: From schemes like PMEGP and MUDRA Yojana to efforts improving the ease of doing business, the government is paving the way for MSMEs to thrive. 🔹 Access to Finance: With increased access to credit through banks, microfinance institutions, and venture capital, MSMEs are finding the financial support they need to grow and innovate. 🔹 Technological Advancements: Digital transformation and skill development initiatives are equipping MSMEs with the tools to compete in today’s tech-driven market. 🔹 Market Access: Globalization and the rise of e-commerce platforms have opened up new markets for MSMEs, both domestically and internationally. 🔹 Innovation and Entrepreneurship: A robust start-up ecosystem, coupled with product diversification, is driving MSMEs to new heights of innovation and competitiveness. The vision behind this growth is clear: 🌟 Economic Development: MSMEs are crucial for driving GDP growth and fostering regional development. 🌟 Employment Generation: They are a major source of employment, particularly in rural and semi-urban areas, reducing unemployment and underemployment. 🌟 Inclusive Growth: MSMEs ensure that economic benefits are widely distributed, supporting marginalized and economically weaker sections. 🌟 Innovation and Competitiveness: Enhancing the competitiveness of MSMEs is essential for sustaining long-term economic growth and positioning India as a global hub. 🌟 Sustainable Development: MSMEs are adopting eco-friendly practices, contributing to a sustainable and circular economy. 🌟 Self-reliant India (Aatmanirbhar Bharat): The vision of a self-reliant India emphasizes building a robust MSME sector to meet domestic demand and strengthen our national economy. As envisioned by our Honorable Prime Minister, Shri Narendra Modi, MSMEs are at the heart of the “Aatmanirbhar Bharat” initiative, driving India towards self-reliance and global leadership. His vision underscores the importance of empowering MSMEs to create jobs, innovate, and contribute to a sustainable and inclusive economy.

Celebrating the Power of SMEs in India 🌟 Small and Medium Enterprises (SMEs) are the backbone of the Indian economy, driving growth, innovation, and job creation. Here are a few reasons why SMEs are essential and how they shape our business landscape: 1. Economic Contribution SMEs contribute approximately 30% to India's GDP, showcasing their pivotal role in economic development. Their agility and innovation often lead to the creation of new markets and industries. 2. Employment Generation With over 110 million people employed, SMEs are a significant source of job creation. They provide opportunities in diverse sectors such as manufacturing, services, and agriculture, helping reduce unemployment and underemployment. 3. Innovation and Adaptability SMEs are often at the forefront of innovation. Their ability to adapt quickly to market changes and customer needs allows them to introduce new products and services, driving competitiveness in the economy. 4. Regional Development By operating in various parts of the country, including rural and semi-urban areas, SMEs promote regional development and reduce regional disparities. They help in harnessing local talent and resources, contributing to balanced economic growth. 5. Export Potential SMEs account for about 45% of India’s total exports, making them crucial players in global trade. Their contributions help diversify India’s export portfolio and reduce dependency on a few large industries. Overcoming Challenges Despite their importance, SMEs face several challenges: Access to Finance: Limited access to credit and financing options can hinder growth. Technology Adoption: Many SMEs struggle with adopting new technologies due to cost and complexity. Regulatory Hurdles: Navigating complex regulatory environments can be overwhelming. Support and Growth To support SMEs, initiatives like the MSME Development Act, MUDRA loans, and Startup India are in place, providing financial aid, skill development, and easing regulatory compliances. Join the Conversation! Let's acknowledge and support the SMEs that are driving our economy forward. Share your favourite SME stories or insights on how we can further empower this vital sector. Together, we can create a thriving ecosystem for SMEs in India! 🚀 #SMEs #India #Economy #Innovation #Employment #Growth #Business #Entrepreneurship

“The Backbone of India's Economy: MSMEs” As we continue to strive for economic growth and development, let's take a moment to appreciate the unsung heroes of India's economy - Micro, Small, and Medium Enterprises (MSMEs)! Key Contributions: Economic Growth: With over 63 million MSMEs registered, they contribute nearly 30% to the nation’s GDP, making them a vital driver of economic expansion. Employment Generation: MSMEs provide employment to over 110 million people, which is about 40% of India's workforce. Innovation & Entrepreneurship: MSMEs foster innovation and entrepreneurship, driving the development of new products, services, and business models. Export Growth: MSMEs account for around 45% of India's total exports, promoting international trade and commerce. Challenges & Opportunities: Despite these contributions, MSMEs face challenges such as: - Limited access to credit and finance - Regulatory compliance - Infrastructure constraints - Skill development To address these challenges, the government has launched some initiatives like: - Mudra Yojana - Stand-Up India - Make in India - Digital India Additionally, numerous fintech companies and NBFCs are addressing the challenges MSMEs face in accessing credit, finance, banking, and insurance solutions. However, much more needs to be done by policymakers, entrepreneurs, and the government to further accelerate MSME growth, which will be pivotal in achieving India’s vision of a $30 trillion economy by 2047. Please share your thoughts 🤔 #MSME #IndianEconomy #FinancialInclusion #EconomicGrowth #EmploymentGeneration #Innovation #Entrepreneurship #MakeInIndia #StandUpIndia #MudraYojana #DigitalIndia

Why MSME Day the most important for India? Micro, Small, and Medium Enterprises (MSMEs) are crucial for India's economy for several reasons: Employment Generation: MSMEs are major job creators in India, employing around 110 million people. They provide employment opportunities, especially in rural and semi-urban areas, thereby contributing significantly to reducing unemployment and underemployment. Economic Growth: MSMEs contribute about 30% to India's GDP. They play a key role in the economic growth by contributing to industrial production, exports, and the overall economy. Entrepreneurship and Innovation: MSMEs encourage entrepreneurship and innovation. They provide a platform for individuals to start their own businesses, innovate, and introduce new products and services to the market. Balanced Regional Development: MSMEs promote balanced regional development. By setting up businesses in rural and less developed areas, they help in reducing regional imbalances and contribute to the development of these areas. Export Contribution: MSMEs contribute around 48% to India's total exports. They help in earning foreign exchange and enhancing the country's export competitiveness. Flexibility and Adaptability: MSMEs are typically more flexible and adaptable than larger enterprises. They can quickly respond to changing market demands and economic conditions. Support to Large Industries: MSMEs provide essential support to large industries by supplying raw materials, components, and services. This creates a symbiotic relationship between large enterprises and MSMEs, fostering industrial growth. Inclusive Growth: By providing opportunities to a diverse range of people, including marginalized and underprivileged sections of society, MSMEs promote inclusive growth and contribute to poverty reduction. Government Initiatives and Support: The Indian government has launched various schemes and initiatives to support MSMEs, such as the Credit Guarantee Fund Scheme, Pradhan Mantri MUDRA Yojana, and the Make in India initiative. These programs provide financial assistance, training, and other support to MSMEs. Local and Sustainable Development: MSMEs often utilize local resources and skills, promoting sustainable and environmentally friendly practices. They contribute to the development of local economies and communities. Overall, MSMEs are the backbone of the Indian economy, playing a pivotal role in its growth, employment generation, and socio-economic development. #MSME, #Smallbusiness, #Startup

The Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24 reveals a promising narrative for India's unincorporated sector. The number of enterprises rose sharply from 6.50 crore in 2022-23 to an impressive 7.34 crore this year—a robust 12.84% growth. This surge brought with it over one crore new jobs, pushing employment in the sector past 12 crore workers. The "Other Services" sector stood out as a key contributor, showing a remarkable 17.86% increase in employment and a 26.17% surge in Gross Value Added (GVA). Overall, the sector's GVA grew by 16.52%, signaling improved productivity and a stronger economic footprint. These figures underscore the unincorporated sector's vitality and its pivotal role in driving entrepreneurship, job creation, and economic growth. In a world where adaptability defines success, this sector exemplifies resilience and dynamism. For policymakers, businesses, and entrepreneurs, these insights serve as a clear reminder of the sector’s potential and the importance of nurturing its growth. As India’s economic backbone, the unincorporated sector continues to drive opportunity and transformation across the country.

How MSMEs are driving India’s $5 Trillion ascent in a shifting economic landscape India’s thriving ecosystem of SMEs is a monumental force in the global economic landscape, contributing nearly a trillion dollars to our nation’s prosperity. As we set our sights on the horizon, we anticipate an even more remarkable future. It’s noteworthy that the government foresees India becoming the world’s third-largest economy by reaching a $5 trillion… Read full story here https://bit.ly/3UL9fWl

India is on track to become a $10 trillion economy by 2032, potentially outpacing global giants like the US and China in manufacturing, according to a recent report. This projection paints an exciting future for India’s role in global economics. But to make this vision a reality, it’s essential to focus on manufacturing innovation, infrastructure development, and most importantly, skill-building within our vast talent pool. I often speak about the importance of skill-building as a means to reaching greater heights of economic development, and there is a pressing need at the moment to focus on this aspect of growth. Many global reports have echoed this sentiment. For instance, a McKinsey report highlighted that India could boost its GDP by nearly $800 billion by simply closing the skill gap. Similarly, an EY study stressed the need for regulatory reforms to create a robust business environment that attracts international investment. As I reflect on these insights, I believe India’s path to becoming an economic powerhouse is a collective responsibility. Our industries need to adopt cutting-edge technologies, and as entrepreneurs, we must create ecosystems that foster innovation. Investing in youth development will help bridging the gap between education and employability. As responsible entrepreneurs and manufacturers of India, at EPACK we engage, educate, and inspire the next generation of workers and entrepreneurs through our processes, trainings and adoption of state-of-the-art technology. Our focus has always been on skill-building and job creation – two areas that go hand-in-hand with India’s economic goals. EPACK stands as a testament to the opportunities available to new manufacturers entering the arena. What do you think? Can we rise to the challenge of making India a global manufacturing leader? #IndiaEconomy #ManufacturingGrowth #DigitalIndia #FutureOfWork #EconomicLeadership #SkillDevelopment #Innovation #MakeInIndia #GlobalManufacturing #SME #Automation #EconomicGrowth #SustainableDevelopment #AatmanirbharBharat #Entrepreneurship #EPACKGroup https://lnkd.in/g5kvve7F

Today, on International MSME Day, we applaud the significant contributions of Micro, Small, and Medium Enterprises to our country's economic growth and prosperity!! Every connection here been through this journey & many are still in the track👍 The 360degree trajectory in Nation building is reflected by below few stats 💵Employment :MSMEs employ over 110 million people, which is 40% of India's workforce! (Source: Ministry of MSME) 💰GDP Contribution :MSMEs contribute around 30% to India's GDP, making them a vital part of our economy. (Source: RBI) 🏭Manufacturing*: The MSME sector accounts for 45% of India's manufacturing output, producing goods worth over $100 billion. (Source: National Statistical Office) 🗺️Exports:MSMEs contribute around 40% to India's total exports, with a significant presence in sectors like textiles, leather, and handicrafts. (Source : FIEO) 💡Innovation: MSMEs are driving innovation in India, with over 50% of startups and entrepreneurs emerging from this sector. (Source: NASSCOM) Let's celebrate the spirit of entrepreneurship and the contributions of MSMEs to our economy! MSME Business Forum India MSME & Startups Forum - Bharat Ravi Nandan Sinha WICCI - Women’s Indian Chamber of Commerce and Industry #InternationalMSMEDay #MSME #SmallBusiness #Entrepreneurship #EconomicGrowth #IndiaGrows