MSME KARNATAKA 2023

The Micro, Small and Medium Enterprises (MSME) sector is a significant contributor to the Indian economy, particularly in creating jobs and promoting innovation across various industries. However, the majority of MSMEs in India belong to the micro sub-sector. Karnataka has over 7.68 lakh MSMEs, which face both legacy challenges as well as new disruptions, including demonetisation,
GST implementation, the COVID-19 pandemic, competition from Multi-National Corporations (MNC) and start-ups, inability to attract talent, and technology upgradation, among others. Karnataka has been a torchbearer for many first-of-its-kind initiatives in the Information Technology (IT), BioTechnology (BT), Startups and Electrical Vehicles (EV) sectors, and can bring the same radical out-of-the-box thinking to bear to transform the MSME sector.