In a country like India with a population size of about 1.3 billion, the Micro, Small and Medium Enterprises (MSME) sector has a vital role in the economy. It fosters entrepreneurship and generates large employment opportunities. As MSMEs absorb the surplus agricultural labour, they help reduce the problem of disguised unemployment in rural areas.
MSMEs are also complementary to large industries as ancillary units and also play an important role in the whole eco-system of the secondary and tertiary sector. 3. We all are aware that the MSME sector is passing through a challenging phase. The theme of today’s Summit - ‘Structural Reforms in MSME Funding’ - chosen by ASSOCHAM, therefore, could not be more apt and timely.