“The solution to not just Bharat’s problems but to the world economic problems lies in the Micro, Small and Medium Enterprises of Bharat. Atmanirbharta or self-reliance of the Bharatiya MSMEs is the only solution to the global economic problems in an era which is marked with weaponisation of trade, supply chains, tariffs etc,” asserted Ashwani Mahajan, Economist and National Co-Convenor of Swadeshi Jagaran Manch.
In the first session titled, “Role of MSMEs in Atmanirbhar Bharat,” subject experts and economists asserted that MSMEs are the defining factor and engines of Bharat’s economic growth. The Micro, Small and Medium Enterprises aid the prosperous and auspicious development of Bharat. They add value to Bharat’s growth story. They render economic direction and act as engines of economy as MSMEs are beacon of Bharat’s cultural and grassroot ethos. The panelists thus hailed MSMEs as the pivotal pillar in the economic trajectory of Bharat who fuel growth momentum.
Ashwani Mahajan further added that in an era where even the global payment systems are weaponised and utilised to fulfil geopolitical motives or hegemonic aspirations, a strong domestic manufacturing ecosystem is the only solution. MSMEs indeed have this potential to demarcate the growth trajectory of Bharat to protect the domestic economy from global disruptions,. He hailed that the potential of MSMEs were not realised and harnessed efficiently due to license raj in the initial years of Independence.
Mahajan affirmed that later during the 1990s, MSMEs were adversely affected due to dumping of foreign goods as an impact of LPG reforms and globalisation. However, now the time has arrived and the potential of MSMEs have been fully realised to make it a vital partner and integrate it into Bharat’s growth story. Bharat is fully equipped and prepared to be a major contributor in the 4th industrial revolution and MSMEs have a key role in this path. Thus, facilitating a strong domestic manufacturing network is the only solution to the global economic shocks and Bharatiya MSMEs will indeed add value to build a resilient global supply chain, Mahajan concluded.
Sandeep Singh, Author and Independent Director explained how the MSMEs are an emblem of Bharat’s culture and Dharmic ethos and how they continuously protect the Dharmic principles of Bharat along with ensuring economic growth. All the traditional commodities such as carpets, shawls, wooden and sustainable toys, traditional artifacts and handicrafts that reflect Bharat’s rich cultural heritage are manufactured in the MSMEs.
He further hailed the MSMEs as “shock absorbers.” Various economic reforms such as GST rationalisation, demonetisation, covid era economic disruptions were successfully absorbed by the MSMEs. They keep the economy running irrespective of the global volatilities by rendering employment and fueling economic growth. Sandeep Singh further explained how MSMEs democratise Bharat’s growth story as they are spread in rural areas, thus providing employement and empowering every man at the grassroots. They boost the growth momentum even in the interior regions where establishment of large industries is not feasible.
