Digital transformation follows skill revolution; will result in giving a boost to MSMEs

The MSME sector is a priority sector for India as it plays a vital role in the economic and social development of the country. If we look at the statistics provided in the Economic Survey 2022, the MSME sector accounts for 45% of the total manufacturing output, 40 percent of exports, and 30 percent of the national GDP. Furthermore, the Union Budget 2022-23 also highlighted the importance of the MSME sector.

A specific segment in the Budget highlights the government’s focus on certain important schemes and interlinking of various portals that will help to develop the MSME sector. In fact, it is also one of the biggest employers providing maximum employment opportunities in the country. However, despite the important role that MSMEs play in the economy, all is not hunky-dory when we look at this sector closely.

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