Micro, small and medium businesses contribute nearly 8 percent of India’s GDP, 45 percent of the manufacturing output and 40 percent of exports.

 The sector is estimated to have given employment to about 595 lakh people in over 261 lakh such enterprises throughout the country. 

India, which is considered as one of the fastest growing economies in the world, saw its growth rate plummeting to less than 5 percent in the last two years.

 However, the industry is hopeful of a rebound with a new stable government led by Prime Minister Narendra Modi, who is widely perceived as a pro-business leader.

Modi had also said recently that there is a need to administer “bitter medicine” to revive the ailing economy.

The International Monetary Fund has projected a growth rate of 6.4 percent next year, in line with the gradual strengthening of global markets.

 Reminiscing her association with India, the former management consultant with McKinsey & Company and an economist with the World Bank said she started her career in India in 1981 working with the World Bank on Leprosy.

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