On MSME Day, the government pitches small enterprises as the engine of 'Viksit Bharat'

At International MSME Day 2026, Vice-President C.P. Radhakrishnan launched multilingual, voice-enabled MSME portals and released books on the PM Vishwakarma scheme and the Self-Reliant India Fund — framing MSMEs as the backbone of India's journey to a developed economy by 2047.

What happened

• The Vice-President of India, Shri C.P. Radhakrishnan, attended the International MSME Day 2026 celebrations at the Dr Ambedkar International Centre, New Delhi.
• He said MSMEs are far more than an economic category — embodying first-generation entrepreneurs, youth aspirations, women's determination and small-business resilience — and that India's journey to Viksit Bharat @2047 will be powered by a vibrant MSME sector.
• The Ministry launched Multilingual Access on MSME portals — a voice-enabled ecosystem providing MSME services in all 22 scheduled Indian languages, with AI-enabled voice grievance redressal and document translation.
• A coffee-table book on three years of the PM Vishwakarma scheme and a book on the Self-Reliant India (SRI) Fund were released, alongside a showcase of eco-friendly KVIC products.
• Sharing his own start in a small garment business, the Vice-President urged young entrepreneurs to persevere and learn their trade.

For Prelims

• International MSME Day: Observed on 27 June (declared by the UN General Assembly in 2017) to recognise the role of micro, small and medium enterprises in development; India's celebration is themed around 'Udyami Bharat'.
• MSME classification: Defined by the MSMED Act, 2006 on composite criteria of investment AND turnover (revised 2020, and again in Budget 2025): Micro / Small / Medium thresholds — MSMEs contribute ~30% of GDP and a large share of exports and employment.
• Udyam Registration: The free, online, self-declaration-based registration portal for MSMEs (linked to PAN/GST); Udyam Assist brings informal micro-units into the formal fold.
• PM Vishwakarma Scheme (2023): Supports traditional artisans and craftspeople (18 trades) with recognition, skilling, a toolkit incentive and collateral-free credit.
• Self-Reliant India (SRI) Fund: A Fund-of-Funds (~₹50,000 crore corpus) that infuses equity into MSMEs with growth potential, helping them list and scale.
• KVIC: The Khadi and Village Industries Commission (statutory body under the MSME Ministry) promotes khadi and village/rural industries and employment.
• Don't confuse: MSMEs are classified on investment + turnover (composite criteria), not turnover alone; International MSME Day (27 June, UN) is distinct from India's Udyami Bharat branding.

For Mains

Syllabus: GS3.8 · GS3.1 · Linkage L1