ETRise Top MSMEs ‘21: The search for India’s most innovative MSMEs

Innovations, without a doubt, act as a driving force for the economy. In 2015, India ranked 81 out of 141 countries in the Global Innovation Index (GII). By 2020, in just five years, India secured the 48th position, breaking into the ranks of the top 50 countries in the index, among the 131 countries analysed. This is quite telling of the improvement India has made in ushering an environment of innovation and creativity.
India hosts over 63 million micro, small and medium enterprises, which provide employment to over 120 million people, making it the second largest job creating sector, and is rightly referred to as the backbone of the economy. It includes over 80% of the industries in the country, accounts for 31% of the GDP and 45% of the exports.