New Delhi, May 6 -- With over 63 million units contributing nearly 30% to India's GDP, MSMEs are not just participants but major players in the country's economy. From manufacturing plastic and paper products to tools, OEM components for large businesses, and food products, they are the second largest employment generator in the country and empower the industrial backbone of our country. Yet, many MSMEs fall short of their growth potential due to lack of awareness or support mechanisms.
The Indian government has classified MSMEs based on their turnover and the amount of investment they make in plant and machinery or equipment. In a recent update, the government has revised the definition of MSMEs and now all those businesses that have a tu...