According to minister Narayan Rane, the Micro, Small and Medium Enterprises (MSME) sector, which accounts for one-third of India’s GDP, has room for expansion.
Rane continued, saying that the nation’s youth will carry the growth and as such needed help from greater employment possibilities, education, and an entrepreneurial ecosystem.
The CMD added that Maharashtra has enormous potential and has attracted funding of Rs 3.5 trillion from roughly Rs 22 trillion.
According to Vinod Pandey, head of Assocham National Council on Global Value Chain, the industry employs more than half of all firms and more than 80% of all workers.
He noted that the manufacturing sector accounts for roughly 30% of the GDP, employing over 110 million people spread among over 63 million MSMEs.
The MSME sector will be essential to achieving the ambitious goal of a $5 billion economy with a 25% contribution from the manufacturing sector. Accelerating investment into the sector will be essential, in addition to the other facilitating measures launched by the government to support the industry, according to Pandey.
