India emphasizes role of MSMEs in national, global economy at BRICS

At the recent BRICS summit, India underscored the crucial role Micro, Small, and Medium Enterprises (MSMEs) play in both the national and global economy. With a staggering 5.93 crore registered MSMEs, the sector is a powerhouse of employment, providing jobs to over 25 crore individuals across the country. This vibrant sector is not just a backbone for job creation but also a significant contributor to India's economic fabric. India's representatives at the summit highlighted that MSMEs contribute a substantial 45.73% to the nation's industrial output. This impressive figure underscores the sector's pivotal role in driving economic growth and innovation. By fostering entrepreneurship and enabling the inclusion of diverse communities, MSMEs help bridge economic disparities, which is essential for sustainable development. On the global front, India emphasized the potential of MSMEs to enhance international trade and economic cooperation among BRICS nations. By leveraging technology and innovation, these enterprises can expand their reach beyond domestic borders, tapping into new markets and opportunities. India's call to strengthen the MSME sector resonates with the broader BRICS agenda of promoting inclusive growth and fostering resilient economies in an interconnected world.

— Authored by Next24 Live