MSMEs: The Backbone of India’s Economy, Says Commerce Minister Piyush Goyal at MSME Startup Expo 2024

New Delhi: Union Commerce and Industry Minister, Piyush Goyal, underscored the critical role of Micro, Small, and Medium Enterprises (MSMEs) in India’s economic growth at the 10th India International MSME Startup Expo & Summit 2024 held in New Delhi today. He emphasized that MSMEs should not be seen as mere small enterprises but as a powerful force that significantly contributes to the nation’s development by providing employment to millions and supporting large industries.

Goyal lauded the innovative spirit of MSME entrepreneurs, stating that their creativity and novel ways of doing business are key to driving success across sectors. He stressed that large industries rely heavily on MSMEs, which serve as both suppliers and customers, creating an interconnected ecosystem vital to industrial success.

“MSMEs play an important role in tourism, infrastructure development, and exports. Their growth is essential for India’s economic future, and their contributions are vital in the journey toward making India a developed nation by 2047,” said Goyal.

The Minister highlighted the government’s efforts to support the MSME sector through Quality Control Orders (QCO), which ensure that MSMEs are protected from substandard imported goods. “We are giving MSMEs time to meet the standards, but these quality measures will ultimately make them more competitive on both national and international levels, enhancing their profitability,” he explained.

Goyal also reiterated the government’s commitment to creating a conducive environment for MSMEs, pointing to various successful examples of how quality controls have benefitted different sectors. He concluded by saying that when India’s 140 crore citizens contribute to nation-building, the dream of a prosperous, developed India will become a reality by 2047.

The 10th India International MSME Startup Expo & Summit 2024 brought together industry leaders, policymakers, and entrepreneurs, focusing on strengthening the MSME sector as a crucial pillar of India’s economy.