Micro Small & Medium Enterprises (MSMEs) play an important and strategic role in the economic growth and equitable development of a country. Worldwide, the Micro Small & Medium Enterprises (MSMEs) have been accepted as prime drivers for employment generation and growth of GDP, besides contributing to the balanced regional development. MSMEs are in a unique position to become global players attracting partners with technology and funds. These enterprises impart the resilience to withstand economic upheavals and maintain a reasonable growth rate since being indigenous is the key to sustainability and self sufficiency.

The vibrancy of the Micro, Small and Medium Enterprise (MSME) sector in the macroeconomic context cannot be overstated as it accounts for 7% of India’s GDP, 45% of total manufacturing output, and 40% of Indian exports while employing over 117 million people. Given the critical importance of the sector, due attention from the financial system must be accorded to address the challenges inherent in servicing this segment.

Though there is plethora of growth opportunities and the initiatives being taken both by the Centre and the State Government, there are multiple numbers of challenges the MSMEs continue to face. The major ones being ease of doing business, easy access to credit, impact of major policy reforms, technology upgradation etc. Time is ripe for all the stakeholders to come together to create an enabling ecosystem for the growth of the MSMEs in the state.