New Delhi [India], August 13 : Noting that Micro, Small, and Medium Enterprises (MSMEs) form the backbone of economic growth and job creation, Rikant Pittie, Co-Founder of EaseMyTrip.com, has said their potential is immense yet they continue to navigate challenges that demand collaborative solutions.
Rikant Pittie, who addressed the 14th CII Delhi MSME Summit here on Wednesday, referred to the expansion of formal MSME credit and delinquencies coming down.
"It was my pleasure addressing the 14th CII Delhi MSME Summit, a gathering that truly showcased the extraordinary potential of our nation's growth engines. Micro, Small, and Medium Enterprises form the backbone of economic growth and job creation. Their potential is immense, yet they continue to navigate challenges that demand strategic action and collaborative solutions," Rikant Pittie said in a LinkedIn post.
He said over 50% of CII Delhi's membership comprises MSMEs like precision manufacturers, IT innovators, and global suppliers, driving Delhi's entrepreneurial spirit. "The numbers tell a promising story, formal MSME credit has expanded to Rs 35.2 lakh crore, with delinquencies down to 1.8% which is the lowest in five years," he said.
Rikant Pittie said digital rails are gaining momentum and referred to growing UPI transactions and registrations on Udyam portal.
"UPI processed 18.68B transactions in May 2025, 6.62 crore MSMEs are registered on Udyam/UAP, and TReDS has reduced MSME receivable cycles by 23 percentage points, with financed volumes crossing Rs 2.33 lakh crore and 40,000+ MSMEs registered on RXIL," he said.
Udyam Registration Portal was launched in July 2020 with the new revised criteria for classification of MSMEs. Trade Receivables Discounting System (TReDS) is a platform for financing and discounting of trade receivables of MSMEs. On these platforms, the financing of Factoring Units (FUs) helps in improving the access to finance by MSMEs.
Rikant Pittie lauded the Centre and Delhi for initiatives like RAMP, PM Vishwakarma, Udyam Assist Platform, CGTMSE, and Skill India. "These are the critical levers for competitiveness and sustainable growth," he said.
"To all entrepreneurs building solutions for MSMEs, please comment... Let us collaborate," he added.
RAMP (Raising and Accelerating MSME Performance) was launched by Prime Minister Narendra Modi in June 2022 and is being implemented by the Ministry of Micro, Small and Medium Enterprises (MoMSME) over the five-year period from 2022-23 to 2026-27.
The Indian MSME sector, comprising over 63 million enterprises, contributes nearly 30% to the nation's GDP and employs more than 111 million people, according to CII. It stands at the heart of India's innovation, job creation, and inclusive economic development.
The Union Budget 2025-26 introduced a series of measures aimed at strengthening the Micro, Small, and Medium Enterprises (MSME) sector, recognising its role as one of the key engines in India's journey of development, alongside agriculture, investment, and exports. To help businesses expand and improve efficiency, the investment and turnover limits for MSME classification have been raised.