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    <title>MICRO, SMALL, AND MEDIUM ENTERPRISES FORM THE BACKBONE OF INDIA’S INDUSTRIAL ECONOMY: ECONOMIC SURVEY 2025-26</title>
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    <description>MSMEs are central to India&#039;s industrial economy, driving manufacturing, exports, employment, and GDP; MSME credit was the primary driver of industrial credit growth in H1FY26, outpacing large industry, supported by policy interventions. Financial and policy measures include expansion of SME public markets, SRI Fund equity investments in hundreds of MSMEs, and institutionalised innovation and IPR support. The Survey advocates calibrated deeper integration of MSMEs into global supply chains and alignment with the national manufacturing mission and supportive drivers-advanced manufacturing, infrastructure, capital markets, and digital governance-to pursue job rich industrialisation.</description>
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