Sreejita Talukdar, Content Writer, siliconindia

India is a vast storehouse of creation and production. Among so many sectors and genres of business industry, MSME or The Micro, Small and medium enterprises is an essential pillar of Indian Economy which is contributing approximately 70 million jobs and manufacturing over 50,000 products, developed around 45% of manufacturing output with nearly 40% of exports.

India is bearing a rich cultural heritage, with its dexterous people who are extremely talented and skillfully sound in innovating new products. MSMEs have their roots attached in local-level business activities in villages and also in ancient urban centers. These kind of small scale industries were prevalent in the rural India for fulfilling the demand of the locals.

“For us, MSME means- Maximum Support to Micro Small and Medium Enterprises”, -Narendra Modi

Historical Background of MSME

If we peep into the Indian history, we can notice that the villages and the towns of the pre-British era had skillful local artisans and local producers of goods, who successfully produced textiles, utility-oriented handicrafts, silk cloths, muslin, shawls, carpets, wooden works, artistic glass works, and colored glass works. Apart from the daily commodities and artistic pieces of handicrafts and jewelry were also produced until the British came to Indian markets with cheap quality products and flooded the Indian market. During 1947’s industrial conference, cottage industry was formally identified.

The Indian government has created the ministry of Small-Scale Industries and Agro and Rural Industries (SSI and ARI) in October 1999. With 2006’s MSME Act was next year, ministry of Small-Scale Industries (SSI) and the ministry of Agro and Rural Industries (ARI) were merged into a single ministry that came to be known as ‘Ministry of Micro, Small and Medium Enterprises’ on 9th May 2007.

MSME Day: The Dawn of Golden Era for Indian Economy

According to our Prime Minister Narendra Modi, MSME is an essential pillar of elevating Indian macro economy and to uplift the zeal of MSME sector, Indian Government has allocated more than 650 percent in the last eight years. In April 2017, United Nations has designated 27th June as International MSME Day to mark the contribution of the sector in the economy.

The day is celebrated to raise public awareness about the phenomenal contributions of micro-, small and medium-sized enterprises (MSMEs) to achieve UN Sustainable Development Goals 2030. This sector has been a boon to hold up the rural economy of India by bringing industrialization of rural areas at minimal capital cost. Alongside, it has also contributed towards rural socio-economic growth and complemented major industries.

MSME sector has taken a center stage in ‘Make in India’ campaign, thus contributing towards achieving the dream of India to become the biggest manufacturing hub in the world.

‘MSME Day’ tends to set a cornerstone, by commemorating the contribution of this pivotal sector which has a deep impact at the heart of our societies and gearing-up the potential of the business enthusiasts to achieve ‘Sustainable Development Goal’