The Micro, Small, and Medium Enterprises (MSME) sector in India has undergone significant evolution over the years. From traditional rural industries to becoming a crucial element of the country’s economic engine, MSMEs have adapted to new markets and technologies, evolving to meet the demands of a changing world. Subhransu Sekhar Acharya, Chairman and Managing Director of the National Small Industries Corporation (NSIC), spoke about the transformation and future of the MSME sector on World MSME Day.
He emphasized the sector’s role in promoting growth and development, stating, “Our MSMEs are going to play a pivotal role in helping India acquire its space in the global economy.”
Acharya highlighted how MSMEs have diversified, making significant contributions to employment and innovation. NSIC, as a nodal agency for key MSME schemes from the Ministry of MSME, ensures that these schemes align with national policies aimed at the sector’s growth. Our schemes are constantly being reviewed and updated to ensure they meet the current needs of MSMEs and align with the national MSME policy,” he explained.
NSIC runs multiple training incubation centres and common facility centres to provide MSMEs with the tools, training, and resources they need to succeed. These centres aim to develop skills and foster innovation.
NSIC drives MSME transformation
As MSMEs navigate the era of Industry 4.0, NSIC offers advanced technologies and solutions. “We are providing advanced technologies and Industry 4.0 solutions that help MSMEs adapt to the rapidly changing business environment. This includes digitalization, smart manufacturing, and data analytics,” Acharya stated.
On World MSME Day, Acharya conveyed a message of optimism and encouragement to the MSME community. As we celebrate World MSME Day, I urge all MSMEs to continue innovating and adapting to new technologies. Your efforts are crucial for India’s advancement towards a Viksit Bharat,” he concluded.
The contributions of MSMEs to India’s economy are pivotal to India’s ambitious vision of becoming a developed nation. These enterprises drive progress with innovation and resilience, transforming from humble beginnings to the backbone of the country’s growth.
