1 Month agoWhile contributing 7% to India’s GDP, India's MSME sector provides employment to 117 million people and remains an essential partner for achieving socio-economic growth across both urban and rural areas.
Micro, Small and Medium Enterprises (MSME) sector is one of the still untapped high growth segments in India and an essential partner for achieving socio-economic growth. MSMEs, which are spread across both urban and rural areas of the country, mostly form part of the unorganized sector. As per present estimates, the MSME sector including Khadi, Village and Coir industries, consist of 51 million units and provides employment to over 117 million persons. The sector contributes 7% to India’s GDP while accounting for 45% of the total manufacturing output and 40% of the exports from India.
India is the largest producer of coir in the world with a production of 5,42,000 MT, which comes to around 55% of global production of coir.
In a first, Ministry of MSME has been awarded the ISO 9001-2008 certification. Implementation of ISO standards has enabled the Ministry to identify areas for improvement and also bring in transparency and accountability in its functioning.