Third, the deterioration in trade balance of the country requires urgent focus on exports. MSMEs have a critical role to play in enhancing our export competitiveness given their very significant share in exports.
Several initiatives were taken over the years, by the Government of India and the Reserve Bank to enable the growth of MSMEs in recognition of their role in the overall development of the economy. I would classify these measures into three broad categories – institutional measures, policy support measures and measures enabling monitoring of the performance.