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Sector Overview

Micro, Small and Medium enterprises are the pillar of economic growth of the country. Often rightly termed as "the engine of growth", MSMEs have played a prominent role in the development of the country in terms of creating employment opportunities (biggest employer after agriculture sector), scaling manufacturing capabilities, curtailing regional disparities, balancing the distribution of wealth, and contributing to the GDP significantly. MSME Sector has provided many innovations to the country. MSMEs in the country are governed by the MSMED Act 2006. This act also covers the definition of MSMEs. Current criterion for the classification of MSMEs is on the basis of investment in Plant & Machinery and Equipment for defining MSMEs in Manufacturing and Service Sector units respectively. India has around 63 million MSMEs which employs around 111 million people contributing 28.77% to the GDP. Total contribution of MSMEs in country’s export is 45%. Despite all the glories, MSMEs face challenges in the area of Finance, Technology, Marketing, Compliance, etc. The Government of India has been taking various measures and initiatives to help MSMEs overcome their challenges which is providing further impetus towards their development and growth.

FICCI's Engagement

The MSME desk at FICCI has always been proactive in terms of taking up issues of MSMEs with the respective authorities and works closely with the Ministry of MSME and the Office of Development Commissioner and other stake holders. FICCI has an MSME Committee comprising of experts from all over the country which deliberates on areas that hinders the growth of the MSMEs and comes out with probable suggestions, recommendations for the Government. Besides, FICCI organizes Capacity Building programmes across the country to disseminate information and educate MSMEs about various trends, sectoral knowledge and skills. In December 2013 FICCI established the FICCI- Confederation of MSMEs (CMSME) which is an allied body under the umbrella of FICCI. FICCI-CMSME, as a pan India body, endeavors to play an active role as an aggregator for developing capabilities of especially Micro and Small enterprises in various aspects of their business and to connect them with mentors, incubators and accelerators.