Charting a Course to a $5 Trillion Economy: Insights from Venkatesh Ramamurthy on International MSME Day

Bangalore, June 27, 2024 - On the occasion of International MSME Day, Venkatesh Ramamurthy, General Manager and Director of Moog Controls (India) Ltd, delivered an insightful speech to an audience of industry leaders and stakeholders. His address underscored the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in India’s economic growth, while reflecting on past achievements and envisioning a prosperous future.

MSMEs: Driving the $5 Trillion Economy Aspiration

Ramamurthy began by acknowledging the significant contribution of MSMEs to India’s economy, highlighting that they account for 30% of the nation’s GDP. He emphasized that the dream of achieving a $5 trillion economy hinges on the continued growth and support of the MSME sector. "India's aspiration to become a $5 trillion economy is intrinsically linked to the success of MSMEs," he stated. "Karnataka, in particular, plays a crucial role in this journey."

Reflecting on the Past Decade: Lessons and Achievements

Ramamurthy stressed the importance of reflecting on the past decade to appreciate the progress made and to identify areas for improvement. "It's vital to recognize the efforts of MSMEs and to reflect on what we've learned over the last ten years," he said. He encouraged attendees to celebrate their achievements while also considering what has worked well and what hasn’t. This reflection, he noted, is essential for building a stronger future.

India’s Strategic Position in the Global Economy

India’s strategic advantages on the global stage were a key focus of Ramamurthy’s speech. He pointed out that India is a significant player in the "China plus one" strategy, which many global businesses are adopting to diversify their supply chains. Additionally, India’s growing domestic economy and youthful demographic provide a unique strategic advantage. "No other country has such a young population, which is a tremendous asset for our economic growth," he highlighted.

Government Support and Collective Vision

Ramamurthy acknowledged the substantial efforts of both the central and state governments in fostering the growth of MSMEs. He stressed, however, that achieving the $5 trillion economy goal requires collective effort from all 1.4 billion Indians. "This is not just the government’s vision; it is the vision of every Indian," he asserted. He painted a picture of a future where, upon reaching the milestone of being the third-largest economy, the world might celebrate an "International India Day."

Reflecting on Moog Controls (India) Ltd’s Journey

While representing Moog Controls (India) Ltd, Ramamurthy took the opportunity to briefly share the company's journey and success. Expressing his pride in the company’s contributions to the industry. His reflection on Moog Controls’ experiences served as an example of how individual enterprises can contribute to the larger economic narrative.

Looking Forward: Building the Future Together

In his concluding remarks, Ramamurthy reiterated the importance of collaboration and connectivity among MSMEs and with the government. He highlighted the strong policy framework provided by both state and central governments, which supports economic growth and development. "On this auspicious day, let us come together, connect, and collaborate to make India one of the largest economies in the world," he urged.

Ramamurthy’s vision is clear: a step-by-step approach towards becoming the largest economy, with each step marked by collaboration, reflection, and strategic use of India's unique advantages. His speech not only celebrated the achievements of MSMEs but also set a hopeful and actionable roadmap for the future.

The Confederation of Indian Micro, Small and Medium Enterprises, in association with the MSME Development & Facilitation Office, Government of India, Bangalore, successfully celebrated World MSME Day and the National MSME Award 2024 on June 27th, 2024 at the Capitol Hotel, Bengaluru. The event, co-presented by the Global Council for The Promotion of International Trade (GCPIT), Nutty Treats and Foods Pvt Ltd, VIVA Money, and OwlSurf Digital, brought together industry leaders, entrepreneurs, and government officials to recognize outstanding achievements and empower MSMEs for the future.