India's 'Mittelstand': German lessons to form India's industrial base

The Economic Survey 2023-24, presented in Parliament, proposes several bottom-up reforms to ensure sustained growth through 2047. Among these, it highlights the potential of medium, small, and micro enterprises (MSMEs) as a key pillar for India's manufacturing sector. The Survey likens MSMEs to Germany's 'Mittelstand,' which is vital to Germany's economy, driving significant output, employment, and tax revenue.