New Delhi: A robust micro, small, and medium enterprises (MSME) ecosystem is not only important but also essential for the country’s sustainable economic development, President Droupadi Murmu said on Friday. Addressing the ‘MSME Day’ celebration in the national capital, she said that MSMEs are a strong pillar of the country’s economy. “They contribute significantly to GDP and promote innovation at the grassroots level.

These enterprises generate more employment opportunities at a relatively low cost of capital. Most importantly, these enterprises generate employment in rural and backward areas,” Murmu told the gathering.

She said that there is no doubt that the MSME sector is playing an important role in the progress of the country. “However, this sector also faces many challenges, the major ones among them being the problem of finance, competition from big corporations, lack of latest technology, lack of raw material and skilled workforce, limited market and delayed payment,” the President emphasised.