India, March 11 -- Micro, Small and Medium Enterprises (MSMEs) constitute a vital sector of the Indian economy, actively engaged in both the service and manufacturing industries. Their significance lies in their substantial contribution to India's GDP, and the Government aims to elevate this contribution to 50 per cent in the foreseeable future. Consequently, MSMEs are rightfully considered the backbone of the nation's economy, playing a pivotal role in its growth trajectory by employing millions of unskilled and semi-skilled workers.

In terms of economic output, MSMEs play a significant role. They contribute over 29 per cent to the GDP and account for half of the country's total exports. Additionally, they are responsible for approximat...