Small and medium enterprises will determine India's economic future by 2047, says chamber

India's economic ambitions for 2047 will be determined not by large corporations but by the performance of small and medium enterprises across the country, according to the Southern India Chamber of Commerce and Industry.

Speaking at SICCI's 116th Annual General Meeting in Chennai, president Arun Alagappan said the chamber continues to play an important role in bringing together industry, government and other stakeholders to address emerging opportunities and challenges for businesses across southern India.

MSME sector central to national goals

Every national priority, whether manufacturing, agriculture, technology, infrastructure, defence, the green and blue economy or global trade, depends on the MSME sector for execution, Alagappan told the gathering.

He said the next decade also belongs to the States, citing Tamil Nadu's goal of building towards a trillion-dollar economy and Andhra Pradesh's Swarnandhra @2047 vision. In both cases, it is the small enterprise, not the large corporation, that will decide whether those targets are met, he added.

Southern India positioned to lead

Southern India has the industrial base, the ports and the talent to lead that effort, according to Alagappan. What is needed now is for the government and the industry to move together, enterprise by enterprise, cluster by cluster and district by district, he noted.

Kondapalli Srinivas, Minister for MSME, SERP, NRI Relations and Empowerment, Government of Andhra Pradesh, said in his inaugural address that the empowerment of a household is the foundation for building a stronger State and a stronger nation.

By creating opportunities for entrepreneurship, employment and higher incomes, households can contribute meaningfully to economic growth, the minister said. Andhra Pradesh is taking steps to create an enabling ecosystem for MSMEs through industrial parks, common facilities, access to finance and innovation, he added.

Source: The Hindu