India Boosts MSME Sector for Competitiveness and Economic Growth
India's MSME sector, comprising over 60 million units, is a significant contributor to the economy, employing over 110 million people and accounting for 28% of GDP and 40% of exports. To boost competitiveness and leverage the demographic dividend, the government is focusing on improving ease of doing business and reducing business costs. Adopting quality and business excellence practices is crucial for MSMEs to build agility, resilience, and continuous improvement.
The Indian manufacturing sector has historically grappled with regulatory complexities and high business costs. The pandemic has further affected MSME productivity, highlighting the need for efficiency and productivity enhancement. Zinnov, known for its cluster-based approach, has successfully boosted SME competitiveness. Adopting quality and excellence practices helps MSMEs build competitiveness, agility, and stakeholder focus, which is vital for a nation's prosperity and economic growth.
Skill development is a critical driver for competitiveness, fulfilling social objectives by providing meaningful livelihoods to the youth. With India's demographic dividend available for the next three decades, skilling the youth is crucial. The Indian industry must play a key role in this, boosting worker productivity and global competitiveness.
To enhance India's MSME sector and leverage the demographic dividend, the government is focusing on improving ease of doing business and reducing business costs. Adopting quality and business excellence practices, along with skill development, is vital for MSMEs to build competitiveness, agility, and resilience. This will not only boost the sector's productivity but also provide meaningful livelihoods to the youth, fostering India's economic growth and prosperity.
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