From UPSC perspective, the following things are important:
Prelims level: International SME conference
Mains level: Schemes for development of SME sector
- It is the first ever International SME conference organized by The Ministry of MSME.
- One hundred and fifty participants from 31 countries and 400 entrepreneurs from India will participate in the four day International SME convention being held in New Delhi.
- The Ministry of MSME has engaged with over 35 International Trade Development organisations to attract and invite able and willing entrepreneurs and encourage people to people contact with select Indian Entrepreneurs from key sectors of the International counterparts.
- The convention has specific focus on inclusion of MSMEs in the Make in India program & empowering women entrepreneurs.
- India is home to more than 60 million MSMEs, majority of who are in low-tech areas and serve the local domestic markets.
- Of these, a small percentage, have the ability and capability to derive access to International Markets, with the vast majority of enterprises working as ancillaries.
- Together the MSMEs constitute a single largest employer after the Agriculture sector in India.
- Highly developed economies have banked on their small and medium enterprises for both GDP Growth as well as higher employment resulting in higher per capita incomes.