Important Web Link: Ministry of Micro, Small and Medium Enterprises (MSME)
The recent years have seen MSMEs in the services sector flourish with these enterprises accounting for over 30% share of the national GDP. Over 68% of all working MSME enterprises, both in the formal as well as informal sectors, are engaged in service activities. MSMEs in services sector account for over 60% of the overall employment opportunities generated by MSMEs in rural and urban areas. These enterprises have outpaced the growth of MSMEs engaged in manufacturing activities.
With over 68% of Indian MSMEs engaged in Services Sector, this sector holds a lot to support the robust growth of Indian Economy through Empowered Entrepreneurs.
MSMEs in India
Ministry of Micro, Small & Medium Enterprises envision a vibrant MSME sector by promoting growth and development of the MSME Sector, including Khadi, Village and Coir Industries in the Retail Segment in cooperation with concerned Ministries/Departments, State Governments and other Stakeholders, through providing support to existing enterprises and encouraging creation of new enterprises.
Startup and Standup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design by fostering entrepreneurship and promoting innovation thereby creating an ecosystem that is conducive for growth of Start-ups. The objective is that India must become a nation of job creators instead of being a nation of job seekers.
MSMEs from Services Sector can play a very important role by supplementing and complimenting manufacturing companies, hence contributing towards the overall economic prosperity of the country.
Focus Sectors For MSMEs in Services
- Tourism and Hospitality
- Banking and Financial Services
- E-Commerce and Retail
- IT and ITeS
- Business Management and Consulting
- Wellness and Holistic Healing
- Logistics and Transportation
- Professional Services