MSMEs helped propel India out of 'Fragile Five' status

Concerted efforts by the government to support MSMEs through financial reforms, ease of doing business initiatives and credit access programmes have helped integrate them into global supply chains, said MP and former union minister Anurag Thakur.

This, in turn, propelled India from being a part of the 'Fragile Five' to one of the world's top five economies, he added.

Crediting the youth for building enterprises-160,000 startups and 117 unicorns-that compete on the global stage, Thakur said, "Over the past decade, India has risen from the 'Fragile Five' to one of the world's top five economies; and in the next three years, we are set to become the third-largest economy."


Thakur was delivering the keynote address on the theme 'Empowering India's MSMEs for Global Leadership' at IDFC First Bank presents ET NOW Leaders of Tomorrow Awards Season 12.

Arguing that Indian MSMEs must leverage capital markets to increase credibility, secure funding and scale up their businesses, Ashishkumar Chauhan, chief executive of NSE, said, "India's thriving capital market is an anomaly, as traditionally, only wealthy nations develop strong investment ecosystems. However, with 11 crore registered investors and 21 crore accounts, India is uniquely positioned to fund entrepreneurial dreams."