New Delhi, May 12 (IANS). India’s future growth will depend on how inclusively micro enterprises are enabled to adapt, adapt, expand and compete, India’s Chief Economic Advisor (CEA) Dr V Ananth Nageswaran said on Tuesday.
Speaking at the CII Annual Business Summit 2026, Nageswaran said that in many large economies, MSMEs are not lagging behind in technology, but are far ahead in innovation and technology.
He further said that India’s micro enterprises will also have to develop in this direction and acquire strong trade skills.
Nageswaran said entrepreneurs should invest in their skills and lead by example, ensuring that their employees — whether in service areas like accounting, HR or inventory — invest in these skills too.
R Dinesh, former president of CII and chairman of CII Center of Excellence on Employment and Livelihood (CEL), said that when we talk about the future of India, micro and small enterprises (MSMEs) will play an important role in it.
“We believe that the future is not just in the boardroom or tech labs. We want sectors like MSMEs and rural employment to become stronger as this paves the way for India’s economic depth, social stability and employment structure,” he said during the event.
According to CII Chairman Rajiv Memani, the big question facing India is not just what we import, but also how we look at manufacturing competitiveness, trade relations and long-term economic strength.
Earlier, the Union Cabinet chaired by Prime Minister Narendra Modi this month approved the launch of the Emergency Credit Guarantee Scheme (ECLGS) 5.0 with an aim to provide critical financial support to businesses affected by the ongoing crisis in West Asia.
Under the new phase of the scheme, the government will provide enhanced credit guarantee coverage through the National Credit Guarantee Trustee Company Limited (NCGTC).
The scheme provides 100 per cent guarantee coverage for Micro, Small and Medium Enterprises (MSMEs) and 90 per cent for non-MSMEs and aviation sector. The purpose of this support is to encourage banks and financial institutions to lend additional funds without fear of the risk of default.
–IANS
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