Without MSMEs Growth, India Can't Become $5 Trn Economy: Anil Khaitan, Sunil Healthcare

The micro, small and medium enterprises (MSMEs) sector is growing and the government's supportive policies are aiding this growth. However, Anil Khaitan, Chairman & MD of Sunil Healthcare and Former President, PHDCCI has said that India cannot achieve its dream of becoming a USD 5 trillion economy without the robust performance of MSMEs. 

While speaking at BW Emerging Business Summit & Awards, Khaitan highlighted the urgent changes required to accelerate the growth of MSMEs. He stated, "The entire narrative surrounding MSMEs needs to be changed because 98 per cent of enterprises fall under the micro and small category. These enterprises lack the necessary financial and human resources, as well as marketing and desired technology." 

He suggested that there is a need to leverage these enterprises by imparting financial literacy and facilitating technology transfer. Praising the government's zero effect and zero defect scheme, he noted, "While this scheme reduces the time and effort required by MSMEs, they are still lacking in the skills and creativity necessary for achieving better outcomes." 

Khaitan believes that medium-scale companies in India can significantly boost the entire MSME sector, especially through digitalisation and Industry 4.0. He added, "Acquiring technologies like AI and IoT might be challenging for medium-scale enterprises, but they can contribute on a large scale through digitalisation."