Abstract

MSMEs nurture the spirit of entrepreneurship to help India realise the goal of Atmanirbhar Bharat. The correlation between the Indian economy and the MSME performance has never been more aligned. MSMEs are the growth drivers and play a critical role in the equitable socio-economic development of the nation. The sector also presents an opportunity to drive inclusive social growth for upliftment of the economically weaker sections of the society. Currently, MSMEs consists of over 6 crore units employing over 11 crore people contributing over 30% to GDP and over 49% of overall exports from India. Public Procurement Policy rests upon core principles of competitiveness, so as to adhere to sound procurement practices for supply of goods and services in accordance with a system which is fair, equitable, transparent, competitive and cost effective. A multi– pronged strategy is required for facilitating access to information, credit, technology & marketing. With the revision of the definition of MSME, service industries such as tourism, hospitality, etc have become the game changers in the states of North Eastern India and hilly regions. To make this sector highly competitive, efforts are underway to ensure ‘access to capital’ and ‘access to technology’ for MSMEs. India’s transformation into a global powerhouse is an ongoing journey that requires capacity building, creation of infrastructure and jobs for inclusive growth and sustained development. The Government of India has introduced several forward looking polices and favorable schemes for the MSME sector. Setting up of the National SC/ST Hub has been such an initiative with an aim to develop a supportive ecosystem for SC/ST entrepreneurs. In order to ensure focused attention and development of MSMEs in North east region and to promote entrepreneurship, a special scheme- “promotion of MSME in North Eastern Region and Sikkim’’ with an aim to strengthen industries like tourism, horticulture, food processing, agriculture has been launched wherein the Government of India provides financial assistance to these states for four components viz, Establishment and up- gradation of mini technology centers, Development of Industrial Estate, Capacity building of officers engaged in promotion of MSMEs; and other activities regarding promotion of MSMEs. By strengthening the eco-system for inclusive growth, leveraging resources, profitability and sustainability, products produced by MSMEs cater to the day to day requirements of consumers which have paved the way for this sector to substantially contribute to the growth of the nation. In order to drive India’s transformation of “Building Entrepreneurship as Mindset and Culture” several schemes have been launched by the Government of India, the response to this has been overwhelming. The recent initiative towards overhauling the MSME eco-system so as to create a more robust, efficient and productive sector would boost productivity and employment generation and foster further progress and higher contribution to the national GDP. The challenge ahead is to change the mindset of the youth to realise that entrepreneurship is not only sustainable for the economy but also a major means of self-employment. Undoubtedly, the MSME sector holds incredible promise and potential to make the people realize their dreams of becoming their own masters.