Minister Highlights MSMEs as India’s Economic Backbone

Quick Summary

• Minister for MSMEs Kondapalli Srinivas underscored the critical role of MSMEs in India’s economy, accounting for 30% of GDP, 45% of exports, and employing over 11 crore people.
• At an ESG awareness workshop organized by FICCI Andhra Pradesh and Visakhapatnam Chamber of Commerce & Industry, he applauded national reforms like GST rationalization benefiting MSMEs and industrial growth.
• Emphasized embedding ESG principles into MSME operations to boost sustainability, competitiveness, and attract global investments.
• State initiatives include restructuring systems for ease-of-doing-business; establishment of MSME Parks in all 175 Assembly constituencies; cluster-based Common Facility Centres for sectors like gold, pharma, textiles; clean energy adoption. Proposed programs include the Chief Minister’s Employment Generation Program (CMEGP) to foster grassroots micro-entrepreneurship.
• Industrial Promotion Officers (IPO) will be deployed per Assembly Constituency with district-level Chambers of Commerce empanelled to ensure effective delivery and support for MSMEs.
• The government aims to position Visakhapatnam as a global investment hub through events like GCC Summit and Global Partnership Summit while prioritizing employment generation and startup promotion in the State’s industrial ecosystem.

Indian Opinion Analysis
The focus on strengthening the backbone role played by Micro Small & Medium Enterprises (MSMEs) reflects a strategic approach that aligns economic development with sustainability imperatives through ESG integration-critical as India walks towards globally competitive yet environmentally-conscious trade practices. centralized reform measures such as GST revisions ease operational burdens while fostering inclusivity across middle-class communities dependent on small enterprises’ efficiencies.

Andhra Pradesh’s concentrated effort at generating innovation clusters within varied distinctly flexible-sub-industrial enabling implementations vital ensures export-caliber productivity still leverages rural concentrations bridging several holistic merit-bottom comparative retained earnings plausibly consistent interregional-upscaling forms conditioned eco socio diverse scaleable empirically delivering cross barriers