6.3 Crore Micro, Small and Medium Enterprises (MSMEs) contribute
Micro, Small and Medium Enterprises (MSMEs) play a major role in the Indian economy. MSMEs contribute significantly to the Indian economy in terms of Gross Domestic Product (GDP), exports, and employment generation.
In order for India to grow exponentially, MSMEs need to swiftly transition into large firms. When MSMEs grow as larger firms, they will become more productive, can lower production costs while making high-quality investments and enter into new markets. In such stage, MSMEs probability of innovating, exporting and adopting international standards of quality is far higher.
Aside capital raising, MSMEs must adopt digital technologies to bring in process efficiencies, standardization, digital marketing so that they stay profitable and expand into global markets.
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