Micro, Small and medium enterprises (MSMEs) play a significant role in the economic growth of the country. As per the Ministry of Commerce 2020 statistics, the MSME sector in India employs over 100 million people (second largest employment provider after agriculture), accounts for 45 percent of manufacturing output, and more than 40 per cent of the country's exports. With 63.4 million units throughout the country, MSMEs contribute around 6.11 per cent of the manufacturing GDP and 24.63 per cent of the GDP from service activities. So it would be safe to say that the sector is the backbone of the national economic structure and has imparted resilience to ward off global economic shocks and adversities.
Over the years, through notable initiatives such as Make in India, the GoI has promoted the Indian manufacturing brands and attracted global companies to engage with MSMEs. However limited start-ups in the manufacturing segment, limited access to adequate and timely credit, and lack of knowledge of appropriate technology has been a major roadblock that has impeded their access into global markets. Especially for sectors like Zinc die-casting. Professionals familiar with prospects of Zinc die cast (ZDC) industry can understand that its proliferation can change India's industrial landscape, as it did in China. ZDC factories operating in clusters can generate employment for millions and products in billions covering virtually all sectors of the manufacturing economy – be it automotive, sanitaryware, builder's hardware, kitchen ware, electronic products and jewellery.
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Denne historien er fra July 2020-utgaven av SME World.
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