MSMEs, often touted as the backbone of Indian economy, play an integral role in Indian economic growth and prosperity. Their contribution, in terms of generating employment, encouraging the entrepreneurial spirit and innovation, has been crucial in fostering competitiveness in the country’s economy.
According to the World Economic Forum, the small businesses across South-East Asia contribute around 52% to 97% of the employment in the region. India has approximately 6.3 crore MSMEs that contribute 29.7% to the GDP and 49.66% to Indian exports. Given the fact that the sector is the biggest employment generator in the country after agriculture, the government has made special plans for the betterment of the sector. Also, it is the vision of the Government of India to increase MSMEs’ GDP contribution to 50%. The number of MSMEs in India increased by a CAGR of 18.5% from 2019 to 2020.
In view of the significance of this sector and its pivotal contribution to Indian economy, Industry Live presents the MSME India Business Convention – a combination of conference, exhibition and awards that intends to showcase the growing opportunities in the MSMEs, while highlighting their role and resilience in these challenging times.