The MSMEs play a crucial role in shaping the development paradigm of the country. In addition to contributing substantial share to the trade earnings, MSMEs also engage in bringing overall socio-economic upliftment of the country by creating employment opportunities for every section of the population in almost all geographical locations. The increasing contribution to the GDP over the years and improved global presence stands alibi to the growth of the sector and the potential of the sector towards improving the GDP and HDI at the same time.
With SMEs constituting almost 70 percent of the total membership, CII stands dedicated to the growth and development of the sector. Policy advocacy has been a major key area where CII has been engaged. By constantly engaging with the Government, it envisages to bring out real-time solutions to the issues impeding the growth of the sector. In addition, CII has designed specific products like Finance Facilitation Centre, Technology Facilitation Centre and Trade Facilitation Centre to address the persisting issues of access to finance, awareness about recent technological innovation and reinvigorating supply chains.
This edition of the Policy Watch highlights some important issues that continue to affect the SME sector. In addition, it also puts forth the achievements of the SMEs in overcoming the recent economic slowdown.