The survey revealed that MSMEs account for approximately 35.4 percent of manufacturing, around 48.58 percent of exports, and 31.1 percent of the national Gross Domestic Product.

With more than 7.47 billion businesses employing over 32.82 billion people, the sector remains the second largest employer after agriculture, the study indicated.

The survey adds that government-provided credit has kept MSMEs on a positive trajectory in recent times, driven by favorable market conditions and the growth of digital retail.

For India, these forms of economic partnership represent an opportunity for greater participation in global supply chains, particularly in labor-intensive and assembly-related sectors.

This represents a potential pathway to boost job-creating industrialization within the broader growth trajectory as part of long-term development goals, explains New Delhi.

From the perspective of an advanced manufacturing strategy that incorporates India’s high level of research and development, innovative technology will contribute to improving and strengthening competitiveness, the study added.

abo/jav/otf/lrd