India Enterprise and Entrepreneurship Report 2024 Unveiled at ISED’s 36th Foundation Day

The India Enterprise and Entrepreneurship (E&E) Report 2024 was officially released by Mr. P. Rajeev, Hon’ble Minister for Industries & Law, Government of Kerala, during the 36th Foundation Day celebration of the Institute of Small Enterprises and Development (ISED) at Hotel Abad Plaza, M.G. Road, Cochin, 8 June 2024. The report, prepared jointly by the ISED Centre for Monitoring Enterprise Development in the States (ISED-CMEDS) and the ISED Small Enterprise Observatory (ISED-SEO), offers a comprehensive analysis of the current state and future prospects of small enterprises and entrepreneurship in India.

The event, attended by dignitaries, industry experts, and stakeholders, marked a significant milestone . Dr. P.M. Mathew, Director of ISED, emphasized the importance of a holistic approach to enterprise and entrepreneurship development, particularly in the context of the post-COVID era. He highlighted the critical role of state-level initiatives and the paradigm of cooperative federalism in harnessing opportunities for sustainable economic growth.

Minister Rajeev underscored the report’s relevance, noting its timely insights into the evolving landscape of MSMEs and its potential to guide policy and grassroots initiatives towards more effective enterprise development. 

Mr. Akhil Menon presented the key findings and recommendations of the report, emphasizing the need for a ‘glocal approach’ to enterprise development. He stressed that while global value chains are crucial, integrating local economic dynamics remains imperative for sustainable growth.

Professor V.K. Ramachandran, Vice Chairman of the Kerala State Planning Board, delivered the 36th Foundation Day Lecture. In his speech, he lauded Kerala’s achievements in education, health, and social justice, and underscored the state’s progress in the MSME sector. Dr. Ramachandran highlighted the significant growth in MSMEs over the past three years, noting an 82% increase in disbursements from 2021 to 2024. He attributed this growth to the latent potential of Kerala’s industrial sector, effectively unlocked through supportive policies and grassroots efforts.

Dr. Ramachandran elaborated on the need for fostering a balanced industrial culture that promotes entrepreneurship while upholding labor rights. He cited the success of enterprises like Terumo Penpol, a Kerala-based manufacturing unit that has become one of the largest blood bag factories in the world, as a testament to Kerala’s robust industrial environment. This example, he said, illustrates Kerala’s ability to achieve sustainable economic growth through a synergy of progressive policies and a strong social framework.

The event concluded with special addresses from various dignitaries and they shared their vision and plans for enterprise and entrepreneurship development in their respective domains. Speakers commended the report for its thorough analysis and strategic recommendations, which aim to bolster the MSME sector and foster sustainable economic progress.