MSMEs should focus on skill development, and global best practices: IMTMA’s Ravi Raghavan

India is home to a vibrant machine tools industry. Part of the capital goods sector, which contributes about 12% to the country’s manufacturing output, the machine tool industry plays a crucial role in propelling the economy. The segment also remains central to the government’s flagship Make in India and Skill India initiatives. With MSME units making up over 70% of this segment, the government has lately been pushing small businesses to be the catalyst in its plan toward an Atmanirbhar Bharat (self-reliant India). The MSME Ministry recently launched the MSME Innovative Scheme, a new strategy that combines innovation in incubation, design intervention, and IPR protection. However, a large chunk of the country’s MSMEs has traditionally been reluctant to invest in new technologies. The main reason is that it required a la .large amount of capital investment and a talent upgrade.

Read more at The Economic Times