The entrepreneurial revolution has taken hold across the globe and has undeniably impacted the world of business forever. For example, witness the powerful emergence of entrepreneurial activity in India during the last 10 years. New business has started in a big way, both in urban and rural areas. Although many of these businesses may have been sole proprietorships or partnerships, the trend still demonstrates the popularity of venture activity, whether it was through start–ups, expansions, or development.
According to recent data, the MSME sector in India has seen a significant rise in new enterprises over the last decade, with a substantial contribution to the country's GDP and employment generation, with the sector playing a crucial role in driving economic growth and creating new jobs across various industries; this is largely attributed to government initiatives aimed at supporting and promoting MSME development. The Union Budget 2025-26 revised the classification of Micro, Small, and Medium Enterprises. The changes aim to support growth and employment by bringing more businesses under the MSME definition.
The number of new MSMEs established in the past decade has seen a notable increase, with the sector demonstrating resilience even during economic challenges. Policies like the Udyam Registration Portal, PM Vishwakarma scheme, and Public Procurement Policy for MSEs have significantly facilitated the establishment of new MSME units. Simplification of registration processes and streamlined procedures have encouraged entrepreneurs to start new units.
MSMEs have significantly boosted India's exports, with a growing number of small and medium enterprises participating in international markets. The exports from Micro, Small, and Medium Enterprises have witnessed a remarkable rise, increasing from 3.95 lakh crores in 2020-21 to 12.39 lakh crore in 2024-25, underscoring their critical role in boosting India's economy and strengthening global trade. The adoption of digital platforms like the Government e-Market (GeM) portal has further empowered MSMEs to access wider markets. Important factors contributing to this growth are the access to various government schemes providing financial assistance and subsidies has played a key role in enabling new MSME start-ups. Programs focused on skill development and training helped individuals with the necessary capabilities to launch and operate MSMEs.
Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks – in terms of time, equity, or career; the ability to formulate an effective venture team; the creative skill to organise needed resources; and fundamental skill of building solid business plan; and finally, the vision to recognise opportunity where others see chaos, contradiction, and confusion.
Employment generation, self-employment opportunities, start-ups and boosting small, micro or medium businesses will help economy to grow. If planned thoughtfully, even agriculture can turn Goa’s economy into a green economy and youth can be motivated to take up agriculture on a big scale. ASSOCHAM recently complimented the Goa government for launching the Goa State Amritkal Agricultural Policy 2025, which proposes to prevent the conversion of agricultural fields designated as ‘rice’, ‘moral’, ‘kher’ and ‘khajan’ fields, and promote agri-tourism and support cultivation of new cash crops like avocado and grapefruit.
This initiative will help the next generation to take up cultivation and get gainful self employment opportunities. This new policy has also stressed upon agricultural education. This will help modernisation and adopt new techniques in the agriculture filed. The entire team under the leadership of the Chief Minister, agriculture minister and the others need applause.
(The writer, who is the Chairman of ASSOCHAM - Goa State Council and the former President of GCCI, is also founder of an Agricultural College in Goa)
