MSMEs play an important role in the economic growth and employment generation of any country. The MSME sector is considered the backbone of the Indian economy.
The number of MSME consultants in India has grown rapidly over the past few years. In India, there around 63 million micro, small and medium scale enterprises, as per the government. These industries contribute to over 45% of the country’s manufacturing output, 40% of exports, and 30% of GDP. The government aims to increase the contribution of the sector to GDP to 50% in the next five years.
These industries provide employment to more than 110 million people in the country. The micro-enterprises comparatively provide more employment opportunities than the small and medium scale enterprises.
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