A day dedicated to celebrating micro, small, and medium enterprises (MSME) was marked by the launch of an Online Dispute Resolution Portal that is expected to expedite hearing and decision-making in cases related to delayed payments to micro and small enterprises.
At the launch of the portal in Delhi on Friday, President Droupadi Murmu said MSMEs were a “strong pillar of the country’s economy”, especially at the grassroots level.
While outlining the key challenges faced by MSMEs in the country, such as access to finance, competition with big corporations, lack of skilled work and delayed payments, the President said that there is no doubt that the MSME sector played an important role in the country’s progress, especially for women and the weaker sections in backward areas since these enterprises could generate employment opportunities at a relatively low capital.
Talking about the importance of innovation for the sustainability of MSMEs, the President said that government efforts had helped in increase in the number of registered MSMEs.
She also stressed on promoting green technology in MSMEs to help in the country’s climate goals.
Indian MSMEs will be a big draw for investments for both private equity and venture capital firms in the next five years as the country is expected to keep its growth momentum despite geopolitical crises, according to a venture fund.
MSMEs are expected to increase their GDP share to 40 per cent by 2030, and the sector will witness significant momentum in the next five years, Holani Venture Capital Fund’s Chief Investment Officer Ashok Holani said.
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