New Delhi, Feb. 11 -- The Micro, Small, and Medium Enterprises (MSME) sector in India has emerged as a primary driver of national economic output, with its share in the country's Gross Value Added (GVA) rising consistently to reach 30.1 per cent in the 2022-2023 fiscal year, said Soumya Kanti Ghosh, the Group Chief Economic Advisor at the State Bank of India (SBI) and member of the Prime Minister's Economic Advisory Council (EAC-PM).

Speaking at the India SME Finance and Summit, he said this growth highlights the sector's increasing significance, with its share rising to 27.3 per cent in 2021, reflecting remarkable resilience in the domestic economy.

The sector's integration into global trade has also deepened, as MSME-related products ...