Jaipur
Micro, Small and Medium Enterprises (MSMEs) are the backbone of India’s economy, playing a vital role in driving economic growth, generating employment, and ensuring balanced development. Contributing nearly 30% to the country’s GDP and creating large-scale employment opportunities, the MSME sector remains a key pillar of inclusive economic progress.
Under the leadership of , India has emerged as one of the fastest-growing major economies in the world, rising from the 11th position to being among the top five global economies, and is steadily progressing towards becoming the third-largest economy. The MSME sector continues to play a transformative role in this journey.
These remarks were made by , Minister for Law & Parliamentary Affairs, Government of Rajasthan, during his address at the उद्घाटन (inaugural) session of the 7th Rajasthan MSME Summit organized by . The summit was held under the theme ‘MSME as the Growth Engine of Viksit Rajasthan 2047’.
Rajasthan Emerging as an Industrial Hub
Shri Patel highlighted that Rajasthan, with its vast land resources and continuously improving infrastructure, offers immense opportunities for industrial expansion. The state government is making sustained efforts to ensure adequate availability of power and water, along with strong policy support to boost industrial growth.
Under the leadership of , the state government is actively strengthening the MSME ecosystem. During the Rising Rajasthan Global Investment Summit 2024, Memorandums of Understanding (MoUs) worth over ₹35 lakh crore were signed, out of which projects worth approximately ₹8 lakh crore have already begun taking shape on the ground.
Additionally, initiatives such as single-window clearance, improvements in ease of doing business, and simplification of procedures are helping create an investor-friendly environment in the state.
Banking Sector Support Crucial for MSME Growth
, General Manager & Zonal Head, and Convener of SLBC Rajasthan, , emphasized the importance of continuous banking support for MSMEs.
He noted that the sector is a major source of employment generation and highlighted digital initiatives like “BOB Digi Udyam”, which are simplifying the loan process for MSMEs through fully digital loan processing systems. This has enhanced efficiency and improved ease of doing business.
He further added that banks are expanding customer-centric services, including tailored personal financial solutions for salaried individuals, focusing on faster processing, competitive interest rates, and seamless digital access to meet evolving financial needs.
MSMEs Key to Employment and Economic Growth
, President of (RCCI), stated that the MSME sector is a major driver of employment and can play a crucial role in achieving the vision of a self-reliant and developed India.
He highlighted that the MSME Act has significantly strengthened the sector by defining clear parameters and regulations, making it easier for small enterprises to access low-cost credit from banks.
Dr. Jain further mentioned that the Rajasthan government has implemented around 27 policies to strengthen the MSME sector. Currently, MSMEs provide employment to nearly 200 million people across the country and contribute about 30% to India’s GDP.
He stressed the need for skilled workforce availability, innovation, adoption of modern technology, global competitiveness, and institutional support to accelerate the growth of MSMEs. He also emphasized strengthening the bridge between government and industry, and addressing gaps in marketing and financial resources.