The Micro, Small, and Medium Enterprises (MSME) sector in India has undergone a remarkable transformation over the years. From traditional rural industries to becoming a vital catalyst in the nation’s economic growth, MSMEs have played a pivotal role in India’s development journey. Subhransu Sekhar Acharya, Managing Director of the National Small Industries Corporation (NSIC), emphasizes the significance of MSMEs in helping India achieve its aspiration of becoming a developed nation.
“Our MSMEs are not just the backbone of the economy but are also essential to India’s aspiration of becoming a developed nation,” Acharya asserted. NSIC, a nodal agency for key MSME schemes under the Ministry of MSME, ensures alignment of its initiatives with the national MSME policy. The organization runs various training incubation centres and common facility centres designed to equip MSMEs with skills and tools essential for modern business practices.
These centres are instrumental in fostering innovation and enhancing productivity within the sector.
Driving India’s economic development
In the era of Industry 4.0, NSIC has been proactive in adopting modern technologies and solutions to assist MSMEs in adapting and thriving.
Acharya highlighted, “We offer a range of Industry 4.0 solutions designed to integrate automation and data exchange within MSME operations, thus facilitating their growth and competitiveness on both national and global stages.”
As India marks World MSME Day, Acharya expressed his appreciation for the indomitable spirit and resilience of the MSME community. He encouraged all MSME stakeholders to continue striving for excellence, emphasizing their crucial role in achieving India’s ‘Viksit Bharat’ vision. The transformation from Charkha to Chandrayaan epitomizes the journey of Indian MSMEs—propelling from traditional industries to cutting-edge technological advancements.
This evolution is not only a testament to the sector’s versatility but a beacon of India’s sustained economic ambitions. The 21st century is set to be India’s century, and the MSME sector will undoubtedly play a vital role in helping the country achieve this milestone. With the support of organizations like NSIC and the adoption of modern technologies, MSMEs are poised to drive India’s economic growth and contribute to the nation’s development goals.
