MSMEs are backbone of India's economy: Official
Newsagency-feedsMSMEs are backbone of India's economy: OfficialLast Updated:August 07, 2026, 00:00 ISTRepresentational image (Image: News18)Akola, Aug 6 (PTI) Micro, Small, and Medium Enterprises (MSMEs) play. . .
Newsagency-feedsMSMEs are backbone of India's economy: OfficialLast Updated:August 07, 2026, 00:00 ISTRepresentational image (Image: News18)Akola, Aug 6 (PTI) 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 official said on Thursday. It is essential that the benefits of various schemes launched by the Central and state governments to reach at the grassroots level, stated Dilip Swami, Managing Director, Maharashtra State Seeds Corporation. He 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. 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. PTI COR RSY(This story has not been edited by News18 staff and is published from a syndicated news agency feed -PTI)News18 NewsletterHandpicked stories, in your inboxA newsletter with the best of our journalismFirst Published:August 07, 2026, 00:00 ISTDisclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to ourTerms of UseandPrivacy Policy. Loading comments. . . Read More