New Delhi, Sept. 19 -- The Department of Financial Services (DFS) Secretary on Thursday chaired a meeting on "Empowering MSMEs: Opportunities, Challenges and Way Forward" organised by the Indian Banks' Association (IBA).

The session brought together senior leadership of the Small Industries Development Bank of India (SIDBI), public and private sector banks, IBA representatives, and Micro, Small and Medium Enterprises (MSME) industry associations such as Federation of Indian Micro and Small & Medium Enterprises (FISME) from across the country.

In his keynote address, the DFS Secretary described MSMEs as the backbone of both the Indian and global economy, contributing nearly 30 percent to India's GDP and over 45 percent to exports.

He st...