The third annual Swavlamban event, organized by the Naval Innovation and Indigenisation Organisation, kicked off with an exhibition for innovators, startups, and MSMEs on Monday, at Bharat Mandapam here.
Thes enterprises make up more than 60 million of them, contributing to over 30 per cent of the nation’s GDP and employ more than 110 million people.
While trying to understand how MSMEs can grow fast and create jobs – India’s foremost economic challenge we came across a remarkable example. Mr Jain, owner of an apparel firm from Mumbai turned a modest Rs 15 crore operation into a Rs 250-crore powerhouse in less than eight years.
In a significant step to give a boost to the startups, India and Australia collectively have invited applications from start-ups and MSMEs of both the countries.
This MoU will help MSMEs and emerging companies in the defence sector to scale-up their business operations, explore new markets and fund their R&D activities, it said.
He mentioned the importance of MSME related developments and their integration with the Global Value Chains.
It said that the initiatives highlighted in the budget will fortify the backbone of our economy, driving innovation, job creation, and sustainable growth.
The Minister said the budget has allocated Rs 1.48 lakh crore specifically for education, employment, and skilling, underscoring the government's commitment to these vital areas.
According to the MSME Department, about 22 lakh new entrepreneurs will be created only through this scheme.
It highlighted the success of the Udyam Registration portal that has received 4.69 Crore registrations as of 5 July 2024, playing an instrumental role in formalising MSMEs by providing a simple, online, and free registration process based on self-declaration.
