India‘s “Gateway of opportunity for small businesses”

India‘s “Gateway of opportunity for small businesses”

In the whole world’s eyes, India has always been an agricultural and underdeveloped
country. India is the second largest producer of fruits, vegetables, tea, farmed fish, cotton,
sugarcane, wheat, rice, cotton, and sugar in the whole world. India’s agricultural sector has
the world’s second-largest agricultural acreage, employing approximately half of the
country’s population.

But this year, India broke all the stereotypes by becoming the largest digital market in the
world. India’s startup ecosystem is presently the fastest-growing in the world. India
conducted the world’s largest vaccine campaign against COVID-19.

All of this happened because of the initiative “India 2.0” or “Make in India”. The “Make in
India” initiative has made remarkable progress and now focuses on 27 sectors under Make
in India 2.0. The Department of Industry and Internal Trade (DPIIT) organises action plans
for 15 manufacturing sectors, while the Department of Commerce coordinates plans for 12
service sectors.

In September 2014, Prime Minister Narendra Damodardas Modi introduced the “Make in
India” program as a part of a larger package of nation-building initiatives. The ‘Make in India’
campaign was created in response to a crisis circumstance to transform India into a global
design and manufacturing hub.

The much-hyped emerging economies’ bubble had burst by 2013, and India’s growth rate had fallen to its lowest level in a decade. The BRICS nations (Brazil, Russia, India, China, and South Africa) promised to vanish, and India is labelled as one of the ‘Fragile Five.’ Global investors argued over whether the world’s largest democracy represented a risk or an opportunity. Indians, who number 1.2 billion, debated whether their country was too big to flourish or fail.

As of March 27, 2022, India had about 7.9 million micro, small, and medium-sized
enterprises (MSMEs). The Ministry of Micro, Small & Medium Enterprises (M/o MSME)
envisions a thriving MSME sector through encouraging growth and development of the
MSME sector.

MSMEs contribute significantly to India’s total GDP (Gross Domestic Product),
and the government’s goal for the next year is to increase this contribution to 50%.
It is now an excellent time for Indian entrepreneurs to launch new businesses such as
delivery, fashion, blogging, vehicle repairs, tiffin service, and digital car service, among
others. If you have a unique idea and a vision, you can create something amazing and
become the next Divya Gandotra Tandon or Ritesh Agarwal.