MSMEs to Steer India's Journey to Developed Nation Status by 2047

On October 30, 2025, Subhransu Sekhar Acharya, the Chairman-cum-Managing Director of the National Small Industries Corporation (NSIC), emphasized the pivotal role of micro, small, and medium enterprises (MSMEs) in India's journey to becoming a developed nation by 2047.

Acharya stated that the MSME sector, which contributes nearly 45% to India's gross domestic product (GDP), is a key pillar of the country's economic growth. He noted that the agriculture sector, which employs over 50% of the workforce, is stagnant and contributes only 17-18% to the GDP. Large sectors, on the other hand, cater primarily to high-risk individuals. Therefore, Acharya believes that the success of MSMEs is essential to creating opportunities for the masses and driving India's transformation into a developed nation.

To support this vision, the NSIC is actively working to upskill the MSME workforce in advanced technologies, including aerospace, robotics, and mechatronics. Acharya emphasized that access to technology and market connectivity are crucial factors for MSME growth, even more so than access to finance and capital.

The government has introduced various funds and initiatives, such as the RDI (Research, Development, and Innovation) Fund, to support entrepreneurs and foster innovation in the MSME sector. Acharya stressed the importance of investing in science and research, as deep-tech innovations often take time to materialize but can have far-reaching impacts, as seen in the case of mobile telephony.

With the government's commitment to skilling, technology, and market access, Acharya is confident that the success of MSMEs will be the driving force behind India's transformation into a developed nation by 2047.