New Delhi, Sep 19 (KNN) The Department of Financial Services (DFS) Secretary on Thursday chaired a meeting on “Empowering MSMEs: Opportunities, Challenges and Way Forward” organised by the Indian Banks’ Association (IBA).

The session brought together senior leadership of the Small Industries Development Bank of India (SIDBI), public and private sector banks, IBA representatives, and Micro, Small and Medium Enterprises (MSME) industry associations such as Federation of Indian Micro and Small & Medium Enterprises (FISME) from across the country.

In his keynote address, the DFS Secretary described MSMEs as the backbone of both the Indian and global economy, contributing nearly 30 percent to India’s GDP and over 45 percent to exports.

He stressed that the sector, spanning from traditional industries to modern technology-driven enterprises, embodies India’s entrepreneurial spirit and will be central to achieving the vision of Viksit Bharat 2047.

Strengthening MSMEs through improved access to finance, technology, and markets, he said, is key to building a self-reliant and globally competitive economy.

He further underlined that collaboration between industry, government, and financial institutions is critical to unlocking new opportunities, and that collective insights can inform more responsive policies and impactful support systems for the sector.

A presentation on government initiatives for MSMEs was made during the meeting.

Discussions focused on accelerating digital loan adoption, strengthening cash flow–based underwriting models, addressing delayed payments, enhancing data quality, raising awareness among entrepreneurs, and expanding access to finance.

The deliberations outlined both medium- and long-term priorities to build a more inclusive and supportive ecosystem for India’s MSME sector.