Last Updated: 5/21/2025 11:39:00 PM
MSMEs share in total exports drops to 36% in FY 13 from 40% in FY 12 It contributes over 8% to country’s GDP and accounts for 45% of the manufacturing sector There are over 3.6 cr MSMEs, employing over 8 crore people A high level government panel has recommended that large companies mandatorily source 30% of manufacturing products from micro, medium and small scale enterprises (MSME), a condition similar to the one imposed on foreign multi-brand retailers setting shops in India Besides, the Public Procurement Act also mandates that all central government ministries /department and CPSUs procure a minimum 20% of their annual procurement from MSMEs. The panel wants the scope of the law to be extended to private enterprises with enhanced sourcing requirement. Source : ET
