MSME sector grew by 18.7 pc in 2015-16

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Saurabh Gupta | 28 Feb, 2017
The Indian Micro, Small and Medium Enterprise (MSME) sector grew by 18.7 pc in 2015-16, twitted the apex industry body, Confederation of Indian Industry (CII) on Tuesday.

In its twit CII said, "Indian MSME sector grew by 18.7 percent in 2015-16. Highest since 2008-09."

"MSMEs form a crucial part of Indian econmoy," it added.

http://img.tradeindia.com/cmsmedia/smetimes/media/2017/02/28/msme-graph-till2015-16.jpg

According to the MSME annual report 2015-16, there are 14,85,000 micro enterprises, 76,000 small and 3,000 medium enterprises.

Consequent to the increased globalization of the Indian economy, MSMEs are facing new challenges. The Government of India has recognized the changed environment and is currently focusing on providing support in the fields of credit, marketing, technology and infrastructure to MSMEs.

The government is also attempting its level best to impart greater vitality and growth impetus to the MSMEs in the the country in terms of output, employment and exports and instilling a competitive culture based on heightened technology awareness.

The Prime Minister, Narendra Modi, on January 16 has launched the Start-up India initiative in New Delhi. The initiatives taken by the government in recent time are expected to provide momentum to the growth of MSMEs in India.