The MSME sector is considered a vital engine for achieving the vision of a developed India by 2047, envisioned in the concept of “Viksit Bharat 2047”. The MSME sector in India has grown significantly since 1960 – with an average annual growth rate of 4.4% in the number of units and 4.62% in employment (currently employing 30 million). With an estimated 630.52 lakh businesses, the micro sector makes up more than 99% of all MSMEs. The estimated number of MSMEs in the small and medium sectors was 3.31 lakh and 0.05 lakh, respectively, making up 0.52% and 0.01% of the total estimated MSMEs (Chakraborty & Das, 2025).
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