As per the latest survey reports, india has around 63.4 million msme units employing 124 million people that contributes to 31% of india’s gdp. Out of this, 14 percent are women-led enterprises and 59.5 percent are in the rural areas. Hence, the sector has the scope for acting as a catalyst for economic growth across the geographic, social, and cultural strata of the country. In the past, many developed and developing economies have demonstrated that the msme segment is the catalyst for maintaining growth and employment generation, which provides stability during economic downturns. As a catalyst for socio-economic transformation of the country, the msme sector is critical in meeting the national objectives of generating employment and discouraging rural-urban migration. The msme sector is the backbone for high growth businesses, and with the ‘make in india’ initiative, it has an effective impact in the area of indigenization. ‘make in india with zero defect and zero effect’ is a very good platform available for msmes to grow globally. Out of the total 55.8 million msmes, only 8.2 million are registered msmes and the rest 47.6 million are un-registered msmes. Given the above scenario, the first and foremost challenge in addressing the hurdles faced by msmes is to bring all the un-registered msmes into the formal fold to make them eligible for a bouquet of benefits. The un-registered nature of the msmes also acts as a deterrent for their access to credit from formal lending sources. The new era of msmes should enable the development of a business ecosystem that will enable and continuously support businesses, which will gear up to deliver the right product, the right quality, the right solution, and the right service at a competitive price, both in domestic and international markets. The ‘digital india’ revolution also provides a wonderful opportunity to promote msme participation in the high-tech sector to enable the dream of digital india. Neonooa business solutions thus stands a great platform for bridging msmes and indian economy to a next successful level.
