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Business EconomyPosted at: Feb 3 2025 6:56PM


MSMEs backbone of India’s economy : Sharda

Kolkata, Feb 03 (UNI) MSMEs are the backbone of India’s economy, driving nearly a third of the GDP and providing employment to millions, said Munish Sharda, Executive Director, Axis Bank.
Addressing the ninth edition of Evolve, the flagship knowledge-sharing seminar for Micro, Small, and Medium Enterprises (MSMEs), hosted by Axis Bank, here on Monday, Sharda said, "MSMEs are the backbone of India’s economy, driving nearly a third of the GDP and providing employment to millions. At Axis Bank, we see ourselves not just as a financial service provider but as a catalyst that empowers MSMEs with the tools, insights, and support they need to future-proof their businesses."
"This platform goes beyond traditional banking, fostering an ecosystem where businesses can explore cutting-edge innovations, collaborate with industry leaders, and strengthen their resilience to adapt to an ever-changing global marketplace. Axis Bank is proud to stand shoulder to shoulder with MSMEs, championing their aspirations and helping them thrive as key drivers of India’s economic success," he stated.
The theme of Evolve - ‘Future-Proofing MSMEs for the New-Age Business’, emphasised the importance of embracing innovation, digital transformation and operational resilience in an evolving business landscape.
Through this knowledge sharing initiative, Axis Bank will provide entrepreneurs with solutions to streamline operations, enhance competitiveness, and expand their market presence.
The seminar will offer real-world insights into digital transformation, operational efficiency, and new-age business strategies, enabling MSMEs to navigate the market disruptions with confidence.
The theme aligns with Axis Bank’s broader vision of creating a future-ready India through meaningful and innovative collaborations.
The Evolve series, launched in 2014, has emerged as a transformative platform for empowering India’s MSMEs, positively impacting over 9,000+ MSME entrepreneurs across 50 plus cities.
This year, Axis Bank will be hosting Evolve across 10 key cities – Delhi, Mumbai, Lucknow, Kolkata, Chennai, Hyderabad, Bangalore, Kochi, Indore, Ahmedabad. Through Evolve, Axis Bank provides a distinctive opportunity for MSMEs to network with industry leaders, financial experts, and peers, creating a vibrant ecosystem of shared success stories and innovative ideas.
Axis Bank’s MSME lending portfolio has achieved a remarkable 30 per cent compound annual growth rate (CAGR) since 2020, reflecting its deep commitment to meet the financial needs of this critical sector.
With a current market share of 8.6 per cent in the overall MSME credit industry, Axis Bank has positioned itself as a leader in driving MSME growth across the country. The Bank has introduced a range of innovative and tailored solutions that address the unique needs of this dynamic sector, reaffirming its role as a trusted partner for India’s MSMEs. These include cash flow-based lending products leveraging GST and banking transaction data, digital platforms such as Neo for Business, and bespoke credit journeys that ensure quick and seamless access to funds.
UNI SJC KK
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