The purpose of AIMO is to encourage dialogue and partnership among various stakeholders of the MSME ecosystem for promoting innovation and knowledge sharing on MSME related issues. AIMO also aims to bridge the last mile connectivity between the Government and the MSME’s towards the implementation of the numerous schemes , AIMO has a national footprint of Micro, Small & Medium Enterprises (MSME’s ) and the MSMEs in the Services Sector which is the most vibrant and dynamic sector promising high growth potential for the Indian economy.
There are close to 51 million MSME units in the country that employ about 117 million people across various sectors, constituting 40% of the workforce. The MSME share to the total Gross Domestic Product (GDP) is about 37% and they also contribute to 43% of exports based on the data maintained by Ministry of Commerce. The value of Micro Small and Medium Enterprises (MSME) related products exported during 2017-18 reached US$ 124.4 bn as per data from the Directorate General of Commercial Intelligence and Statistics (DGCIS).
Most economies, particularly those of developing countries like India, march on the shoulders of small businesses, especially those involved in providing services. India’s GDP composition, according to multiple sources, is as follows: Agriculture: 16%; Industry: 26%; Services: 58%. In other words, the Services sector contributes more to India’s economy than the other two sectors combined.
Not only is the Services sector the largest contributor to the Indian economy, it has also been the fastest growing among the three. Compared to its contribution of 58% to the economy today, the Services sector contributed only 33% in 1950s. Not only do these Services MSMEs contribute mightily to the overall GDP growth, they have a powerful, multiplier impact on the local economies.