India, Feb. 11 -- The Micro, Small and Medium Enterprises (MSME) sector, the backbone of the Indian economy, plays a crucial role in India's socio-economic development by contributing significantly to employment, industrial production, and exports. Spanning across diverse industries, including agribusiness, manufacturing, retail and services, the MSME sector fosters entrepreneurship, innovation and growth. According to the Ministry of MSME, the sector comprises over 63 million enterprises, out of which 39 million are micro-enterprises.

This sector accounts for 30 per cent of the country's GDP and contributes around 45 per cent to India's total exports. In the fiscal year ending September 2024, the sector added 11 million jobs bringing to...