India’s economy owes a considerable debt to Micro, Small, and Medium Enterprises (MSMEs) which form the backbone of the country’s financial prowess. These entities, spread throughout the land, provided a major boost to the Indian economy. Over 63 million MSMEs contributed a staggering 30.5% to the country’s GDP in FY19 and 30% in FY20 while employing millions. And let’s not forget its impact on the manufacturing and services sectors, where it contributes 6.11% and 24.63% to the GDP, respectively.
Despite being an essential cog in the economic machine, MSMEs face a plethora of challenges when it comes to adopting sustainable and socially responsible practices.
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