Page 24 - Banking Finance April 2025

ARTICLE

MSMEs: A driving

force towards India's

vision of 'Vikshit

Bharat' by 2047 Suraj Kumar Shoundik
Chief Manager, Research
SBA, Gurugram

India envisions itself as a global economic powerhouse, and MSMEs will be at the forefront of this
transformation. Their ability to adapt to evolving market demands, embrace new technologies, and
cater to niche markets will be crucial in driving economic growth and creating a more prosperous
India.

"India, that is, Bharat", a nation brimming with youth- 'Vikshit Bharat' is not just about economic growth, it also
ful energy and entrepreneurial spirit, has set its sights on a encompasses social progress, ensuring that the fruits of de-
remarkable goal: to transform into a 'Vikshit Bharat' - a de- velopment reach all segments of society. MSMEs play a criti-
veloped India - by the year 2047. This ambitious vision, ar- cal role in this aspect by generating employment opportu-
ticulated by Prime Minister Narendra Modi, encapsulates a nities, particularly for marginalized communities, women,
holistic transformation encompassing economic prosperity, and youth. Moreover, MSMEs often operate in rural and
social progress, technological advancement, and environ- semi-urban areas, contributing to regional development and
mental sustainability. While the journey towards this goal reducing migration to urban centers. They also foster en-
will require concerted efforts from all sectors, the Micro, trepreneurship at the grassroots level, empowering individu-
Small, and Medium Enterprises (MSMEs) are poised to play als and communities to participate in the nation's growth
a pivotal role in shaping India's destiny. story.

India's vision of a 'Viksit Bharat' by 2047 hinges significantly By 2047, India aims to achieve inclusive growth, where ev-
on the robust growth and development of its Micro, Small, ery citizen has access to opportunities and a decent stan-
and Medium Enterprises (MSMEs). dard of living. MSMEs, with their widespread presence and
focus on social inclusion, will be essential in realizing this
MSMEs, often hailed as the backbone of the Indian vision. India envisions itself as a global economic power-
economy, constitute a vibrant and dynamic sector that con- house, and MSMEs will be at the forefront of this transfor-
tributes significantly to employment generation, economic mation. Their ability to adapt to evolving market demands,
growth, and social development. With their agility, adapt- embrace new technologies, and cater to niche markets will
ability, and innovative spirit, MSMEs are uniquely positioned be crucial in driving economic growth and creating a more
to drive India's transformation into a developed nation. prosperous India.

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