MSMEs need to be integrated into larger supply chains to drive real competitiveness, achieve 7-8% growth: NITI Aayog VC

New Delhi [India], March 6 (ANI): India's Micro Small and Medium Enterprises (MSMEs) need to be integrated into larger supply chains to drive real competitiveness and achieve 7-8 per cent growth in the country, according to NITI Aayog Vice Chairman Suman Bery who also holds the additional charge as Chairman of the Economic Advisory Council to the Prime Minister.
Addressing a fireside chat at the CII National Conference on Responsive Supply Chain for Indian Manufacturing, in the national capital, Bery said, "Growth happens through innovation and gains from trade, but sustaining momentum is harder when you're doing well. The challenge is to keep pushing forward -India's corporate sector must step up, and MSMEs need to be integrated into larger supply chains to drive real competitiveness and achieve 7-8 per cent growth."
Speaking on India's growth prospects, Bery said, "India has staged a remarkable economic recovery post-COVID, emerging as the fastest-growing large economy in the world, as acknowledged by the IMF. With moderate inflation and declining poverty levels, the country is on a strong growth trajectory. The challenge now is to sustain and accelerate this momentum."
Bery said, "Historically, India has functioned as a collection of regional economies rather than a single integrated market. But with GST and major infrastructure investments, we are now transitioning into a truly unified national economy. This integration will be one of the most powerful drivers of India's future growth."
Highlighting the importance of sustainability, Bery said, "As the world moves towards greener supply chains, Indian enterprises--both large and small--must adapt. Sustainability is no longer just about compliance; it is becoming a core factor in global competitiveness. MSMEs must be supported in this transition, ensuring they are part of a greener, more resilient industrial ecosystem."
The MSME sector, with more than 6.30 crore enterprises, has emerged as a highly vibrant and dynamic sector of the Indian economy, fostering entrepreneurship and generating employment opportunities at comparatively lower capital costs, next only to agriculture.
The government has been focusing on growing the MSME ecosystem in the country. In the last few years, the Centre launched schemes such as the PM Vishwakarma scheme to provide end-to-end support to artisans and craftspeople of 18 trades who work with their hands and tools.
For formalization of the sector, the Ministry of MSME, through its Development and Facilitation Offices (DFOs) and in coordination with the state governments and other stakeholders, has promoted special registration drives across the country.
The Credit Guarantee Scheme for Micro and Small Enterprises is one of the flagship schemes of the Ministry of MSME for providing collateral-free loans to micro and small enterprises.
According to the official data, 19.90 lakh guarantees have been approved, amounting to Rs 2.44 lakh crore during the period January 1 to December 30 last year.
Through other significant initiatives such as the 'MSME - Trade Enablement and Marketing (MSME-TEAM)' Scheme, the Prime Minister's Employment Generation Programme (PMEGP), the Self Reliant India Fund Scheme, the Public Procurement Policy for Micro and Small Enterprises, and the Procurement and Marketing Support (PMS) Scheme, the government is promoting the sector. (ANI)