Are you a businessman seeking the right industrial supplies and equipment? We know the struggle of not having the right tools to excel in your business. Investing in the correct type of equipment can help your company prolong its operations, too.  So, with the increasing demand for quality goods, many companies are crafting their industrial supplies, which might not meet your requirements. 

MSMEs are the backbone of the Indian economy, contributing hugely to our country's economic growth. Today, this sector has emerged as the key driver of innovation, growth, and employment, even in less developed areas in India.  In today's article, you will learn about the growth and prospects of MSME industries in India. 

The world of startups has been booming since 2016, and it has never been. According to 2022 reports from the Department for Promotion of Industry and Internal Trade (DPIIT), about 26 thousand startups existed. As of February 2023, the number of startups in India is 92,683. And there are 633.9 lakh MSMEs in India. 

The MSMEs are well-known for contributing to the country's economy through various manufacturing and industrial expansions. Despite the multiple challenges, this sector plays a crucial role in the GDP, job creation, and employment. 

The MSMEs have been affected internally and externally, hindering their growth and sustainability in the country. There are many problems faced by the MSME sector in India despite their potential to become a major contributor to the development of our economy. It can be due to adequate technologies, market exposure, expertise, etc. 

The SMEs are known for contributing to our economy and are considered the backbone. SMEs have contributed about 30% of India's GDP, 45% of manufacturing output, and 48% of its exports. So, to support and develop these enterprises, the Government of India have developed a scheme called the Micro, Small, Macro, Enterprises Development (MSMED) Act. It provides various benefits and incentives to SMEs registered under this act. 

Are you confused about the difference between a Startup and MSMEs? Well, you have come to the right place!  We will help you to get a clear and concise idea about the difference between these two. Understandably, many need clarification on these two terms and their nature.  So, to understand the difference better, let's delve into the distinctive nature of startups and MSMEs to gain a comprehensive understanding.

You might assume that small and medium-sized industries have little or no role in India's economic growth. However, that's far from it. The MSME industries play a pivotal role in the country's economic development.

According to Forbes, there are about 633.9 lakh MSMEs in India. In India, over 99% of total MSMEs qualify as micro-enterprises, which make up 630.5 lakh enterprises. Well, MVikas is an online B2B (Business-to-Business Marketplace) platform where, you may promote your goods and services as a business owner. We offer a wide range of services that include product listing, marketing, sales, customer service, payment processing, and shipping. Well, we are one of the fastest-growing B2B platforms in India.

MVikas is one of India's best B2B marketing platform, acting as a communication mediator between a buyer and a seller, ensuring a smooth passage. As one of the best B2B Marketplaces in India, it is one of the significant players providing security, confidentiality, and several other benefits to other small and medium businesses in India.