India Finance Brief

Micro, Small and Medium Enterprises (MSMEs) account for 45% of India's manufacturing output, 40% of exports, employ 60 million and represent 17% of GDP in 2011 and are expected to grow strongly to 22% in 2012. Developed and developing nations worldwide view their MSME industries including emerging industries and start-ups as major job generation and employment engines, both in cities and rural areas. To expand India's fast economic growth rate and be globally competitive, the industry needs focus on innovations to create new technologies, products, services, business models and organizational models to lay the foundation for a vibrant India in the future. At the same time, more interaction with educational and training institutions is needed to address the gaps in availability of skilled manpower.