The 'Make in India' campaign that seeks to attract businesses from around the world to invest and manufacture in the country is most relevant for the Indian micro, small and medium enterprise sector, an official release said Thursday.

"Make in India campaign to get Indian companies as well as global firms to invest and partner in the manufacturing sector is a well drawn out concept and is the most relevant for India's MSMEs," said a PIB release titled "Year End Review 2014 MSME".

The campaign can attract the foreign MNCs to bring in their investment, set up venture/angel funds to take advantage of the inherent depth of the MSME Sector in terms of range of products and services, marketing networks and the ability to grow fast, it said.

"Another advantage in Indian MSME Sector the foreign partners would experience is that production process in this sector is already underway. The various networks required for undertaking the production process are already established.  The foreign MNC is just required to bring in investment and technical know-how to achieve excellence in these areas," the release added.

In September, Prime Minister Modi had launched the 'Make in India' campaign to attract foreign investors and make the country a global manufacturing hub. As many as 25 sectors, including textiles, automobiles, chemicals, IT and pharmaceuticals have been identified as focus segments under the programme.

The MSME sector in India is diverse in terms of its size, levels of technology employed and range of products and services produced. Starting from grass root village Industries the products from the sector spans to auto components, micro-processors, electronic components and electro-medical devices.

MSMEs have shown constant growth rate of over 10% in recent years much ahead of the large-scale corporate sector. This sector contributes 8 per cent of the country's GDP, 45 per cent of the manufactured output and 40 per cent of its exports.

The MSMEs provide employment to over 80 million persons through over 36 million enterprises producing over six thousand products.

India is one amongst very few countries which has a legal framework for the MSME Sector in the form of MSMED Act 2006 which has established provisions under which issues like public procurement and delayed payments are addressed.

In order to enhance the capabilities of MSMEs, Ministry of MSME has been implementing a number of programs and schemes in the areas of finance, infrastructure, technology, marketing and skill development to address the problems confronting the sector.