MSMEs Are Backbone Of Indian Economy: Manguirish Pai Raikar

The pandemic affected the entire country's economy, with the MSME sector being the worst hit. MSME industry not only provides huge employment but also adds to regional balance by industrialisation generated in remote rural locations and backward areas. 

According to the MSME ministry data, there are about 6.3 crore MSMEs in India which contribute about 29 per cent to the country's GDP from their national and international trade. 

The Chairman and MD, Brown Packaging Systems and Chairman, State Council, ASSOCHAM, Manguirish Pai Raikarshed some light on the emerging opportunities for the MSME sector at BW Emerging Conclave & Awards 2022.  

MSMEs have a great role to play in reviving the economy. It has the capacity and ability to bounce back the economy. "The MSME sector contributes in a significant way to the growth of Indian economy across the range of production system, employment generation national output exports etc,” Raikar said. 

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In spite of being severely affected by the pandemic, the MSME sector worked to revive the economy of the country. “For instance, we did not have that much production of PPE kits, ventilators, sanitisers and other equipment in the beginning and we were mostly dependent on imports. After a couple of months, we were exporting these kits to other countries. MSME sector delivered during the critical and most important phase," he added. 

Speaking about the PLI (Production Linked Incentive) scheme, Raikar maintained, “The government is already reviving the economy by promoting indigenous manufacturing through various incentive schemes. One of the key schemes is PLI Scheme which is attracting global players to set up manufacturing units here in India. If we succeed in this, soon we will become an important part of the supply chain system.” 

“Micro industry is the one which affected the most in the pandemic. This sector is not very healthy as they are trying to come up, come back, work tirelessly and need support. The state and the local government have to play a constructive role in micro and small units who are struggling to remain afloat," he added.