Quality, innovation and technology adoption are essential for the long-term success of MSMEs': Vice-President C. P. Radhakrishnan

THEBUSINESSBYTES BUREAU

NEW DELHI, JUNE 27, 2026

Stressing that quality, innovation and technology adoption are the cornerstones of the long-term success of Micro, Small and Medium Enterprises (MSMEs), Vice-President C. P. Radhakrishnan on Saturday said the sector would play a pivotal role in driving India's journey towards Viksit Bharat @2047. He urged entrepreneurs to embrace technological change, maintain uncompromising quality standards and continuously scale up their enterprises to remain globally competitive.

Addressing the International MSME Day 2026 celebrations at Dr. Ambedkar International Centre in New Delhi, the Vice-President described MSMEs as far more than an economic category, saying they embody the courage of first-generation entrepreneurs, the aspirations of young innovators, the determination of women entrepreneurs and the resilience of millions of small businesses that have turned challenges into opportunities.

Sharing his own entrepreneurial journey, Radhakrishnan recalled that after graduating, he launched a small garment business with financial support from his father. Reflecting on the challenges of the early years, he said perseverance, continuous learning and hard work helped him build a leading knitwear export business before entering public life. He encouraged aspiring entrepreneurs not to be discouraged by initial setbacks but to devote themselves wholeheartedly to mastering their trade.

Recounting his tenure as Chairman of the Coir Board, the Vice-President said he immersed himself in understanding every aspect of the industry despite having little prior knowledge of the sector. By working closely with exporters and setting ambitious targets, the coir industry achieved remarkable growth. "If you decide to achieve something, work hard and learn everything about your field, success will certainly follow," he said.

Emphasising that there can be no compromise on quality, Radhakrishnan said cost reduction should never come at the expense of product standards. "The real success lies in reducing costs while maintaining superior quality and better services than competitors," he observed, adding that consistent quality remains the key to sustaining businesses in increasingly competitive global markets.

Calling for greater dynamism in the MSME ecosystem, he said every micro enterprise should aspire to become a small enterprise and every small enterprise should grow into a medium enterprise. He underlined the need for adequate investment, supportive policies and easier access to finance to facilitate this transition. He also urged the Ministry of MSME to promote universal registration of enterprises to improve data quality and enable more effective policy formulation.

Referring to this year's United Nations theme, "Human-Centered Entrepreneurship in an AI-Driven Future," the Vice-President said technological advancements, including Artificial Intelligence, should be viewed as opportunities rather than threats. Drawing parallels with the initial concerns surrounding computerisation, he expressed confidence that AI would similarly create new employment and growth opportunities if adopted constructively.

Radhakrishnan also lauded the Khadi and Village Industries Commission (KVIC) for transforming sectors such as honey production and khadi garments. While highlighting khadi's Gandhian legacy, he said the sector must continue adapting to evolving consumer preferences and technological advancements to strengthen its global competitiveness.

On the occasion, the Vice-President felicitated the National Small Industries Corporation (NSIC) on its elevation to a Schedule 'A' Company. He also launched the PMEGP 2.0 Portal, Samadhaan 2.0 Portal, Procurement and Marketing Support (PMS) 2.0 Portal, MSME Global Mart 2.0 Portal, Testing Centre Portal, the multilingual enablement initiative of the Ministry of MSME, and MSME Idea Hackathon 6.0. In addition, he released e-books on the Self-Reliant India (SRI) Fund and PM Vishwakarma (PMV) Scheme, besides unveiling new products of KVIC.

Union Minister for MSME Jitan Ram Manjhi, Minister of State Shobha Karandlaje, KVIC Chairman Manoj Kumar, MSME Secretary Bharat Khera, senior ministry officials, industry leaders and entrepreneurs attended the event.