By René Van Berkel, Dagmar Walter and Shombi Sharp
Though the growth and achievements of large businesses in India have received much attention, micro, small and medium enterprises (MSME) actually account for over 99% of businesses. MSMEs are the largest employer in India outside of agriculture, employing over 11.1 crore people, or 45% of all workers. It is no exaggeration to call MSMEs – privately owned enterprise with less than ₹50 crore in investments in plant and machinery and turnover below ₹250 crore – the backbone of the Indian economy.
Every year on June 27, World MSME Day provides us with the opportunity to appreciate their valuable contribution to job creation and sustainable development across the world. Yet, these businesses are the ones that have faced the harshest of environments over the last few years.
