Increasing ambitions

MSMEs must be encouraged to tap export opportunities

The micro, small, and medium enterprise (MSME) sector has the potential to emerge as a growth engine by increasing exports and contributing to the economic development of the country. However, its share in India’s export basket has been declining consistently — it dropped  from 49.77 per cent in FY20 to 42.67 per cent in FY23. A recent report by the NITI Aayog in this regard has proposed a series of measures to boost exports from MSMEs. Encouraging MSMEs to venture into international markets can help diversify their revenue streams and also augment their competitiveness, apart from fostering innovation and generating