All nations of the world have certain religious and cultural festivals. However, India is an extremely diverse country that celebrates numerous festivals filled with cultural significance and fascinating histories. Harvest festivals are one such category of events that take place during a certain region’s primary harvest. Because of differences in climate and main crops, each of India’s 28 states celebrates its harvest festival at various times of the year.

India is home to around 15 million Micro, Small and Medium Enterprises (MSMEs) run by women and over 70% of them are manufacturing enterprises. According to a report from Business World, the number of women-owned MSMEs in India has seen an unprecedented increase to 8.59 lakh units in the financial year 2022, with a staggering 75% jump from the previous year's 4.9 lakh units.

India is the third largest automobile producer in the world, with a large and growing auto component industry. By selling more than 4.25 million vehicles during 2022, the country has now overtaken Japan to take third spot among largest vehicle market after China (first) and US (second). This sector manufactures various types of vehicles, such as passenger cars, commercial vehicles, two-wheelers, three-wheelers, and four-wheelers.

Tamil Nadu is undoubtedly a land of opportunities, especially for the Micro, Small and Medium Enterprises (MSMEs), which produce over 8,000 products in the state. Tamil Nadu accounts for nearly 15.24% of India’s micro-enterprises and has the highest number of non-farm units.

Another year has ended, giving way to the fresh dawn of a new year. It is the time to refresh and recharge the energies to create a fruitful business year. Much like last year, 2023 is also anticipated to witness several major growth trends in the micro, small and medium enterprises (MSMEs) sector.

A tax on products and services used in India is known as the Goods and Service Tax (GST). In India, the service tax, VAT, and excise duty have all been replaced with the GST, an indirect tax.

Micro Small and Medium Enterprises, commonly known as MSMEs are an essential part of the Indian economy as they contribute 30% to the GDP of the nation.

The Union Budget 2023 has delivered a series of promising announcements that are poised to help the micro-small-and-medium enterprises (MSME) sector in India overcome various hurdles and maintain strong growth momentum. From continuing to provide capital access through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme to easing the delayed payments burden by altering the taxation model, the government has provided the MSME sector with the much-needed support.

The Union Budget 2023 is coming up and it's hoped that it will support the growth of Micro, Small, and Medium Enterprises (MSMEs) in India, also known as the backbone of India's economy. The Indian government has implemented various initiatives such as the Make in India program, which aims to increase domestic production and reduce dependence on foreign imports, as well as improved India's rank on the Ease of Doing Business index, which have been very beneficial for the growth of MSMEs.

Karnataka is an ideal place for various industries to flourish. Micro, Small & Medium Enterprises (MSMEs) are a significant and growing segment of India that contribute around 30% of the GDP and 50% of the country's exports. Karnataka is home to more than 8.5 lakh MSMEs, which provide employment to over 55 lakh people.