Contribution of SME Sector to the GDP of India
In India, the Micro, Small, and Medium (MSME) Sector play a vital role in the Indian Economy. Narayan Rane is the Minister of Micro, Small, and Medium Enterprises (MSME) India. The small Medium Enterprises (SME) sector is the backbone of the Indian economy.
The Indian MSME sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy, providing it resilience to ward off global economic shocks and adversities. With around 63.4 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output. They have been able to provide employment to around 120 million persons and contribute around 45% of the overall exports from India.