Importance of MSMEs in driving India’s growth, role of digital infra and way forward, explains Mastercard’s South Asia COO Vikas Varma

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Realising the immense potential that India’s Micro, Small and Medium Enterprises (MSMEs) have, Modi government has laid special focus on the sector. Even under Aatma Nirbhar Bharat Package and Mission, MSMEs are in the spotlight. And, the role of MSMEs become even more important in this trying times of Covid-19 pandemic amid Modi government’s ‘Vocal For Local’ campaign. Vikas Varma, COO – South Asia, Mastercard, in an exclusive interview to Zee Business Online explains the importance of MSMEs in driving India’s growth, the role of digital infra and the way forward. Here are edited excerpts:- 

What is the importance of micro, small, and medium enterprises (MSMEs) in driving India’s growth in digital payments? 

India has over 63 million Small and Medium Enterprises (SMEs) that employ around 114 million people and contribute nearly 35 percent of the country’s GDP. By the sheer volume and value add

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