MSMEs are backbone of India's economy: MD, Mahabeej

New Delhi: Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the nation's overall development and serve as the backbone of the economy, an Dilip Swami said on Thursday. Swami is Managing Director of the Maharashtra state PSU, Maharashtra State Seeds Corporation (Mahabeej).

"It is essential that the benefits of various schemes launched by the Central and state governments to reach at the grassroots level", he further added.

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Swami was speaking at the inauguration of a two-day 'Vendor Development Program' organized for MSMEs in Akola district by the Development and Facilitation Office (Nagpur) of the Union Ministry of Micro, Small and Medium Enterprises. Dilip Swami is an IAS officer of Maharashtra cadre, 2011 batch.

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The Micro, Small and Medium Enterprises Development Act, 2006, implemented to foster the promotion, development, and competitiveness of MSMEs, provides a legal framework for enterprises in both manufacturing and service sectors, said Regional Director (MSME Development Office) V R Shirsat.

Shirsat stated that this Act plays a vital role in the classification of enterprises, facilitating access to credit, and ensuring timely payments.

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