Micro, Small and Medium Enterprises (MSMEs) continue to play a vital role in shaping India’s economic landscape, as highlighted in the Economic Survey 2025–26. According to the Survey, MSMEs contribute more than one-third of India’s manufacturing output and nearly half of the country’s total exports. The Survey also places MSMEs at the centre of India’s global manufacturing ambitions. While India’s share in global manufacturing and exports remains relatively modest, the Economic Survey points to significant untapped potential. A stronger and more innovative MSME ecosystem, supported by access to finance and markets, could play a decisive role in expanding India’s global manufacturing footprint and driving inclusive economic growth.