Reserve Bank Governor Sanjay Malhotra on Monday asked banks and lending institutions to internalise a fundamental reorientation in their approach towards MSMEs, and view them as long-term business partners rather than just a regulatory obligation. He said MSMEs collectively contribute 31 per cent of GDP, account for approximately 35 per cent of manufacturing output, and represent close to half of India's merchandise exports, while sustaining livelihoods for over 32 crore people. He also asked MSME's to take ownership of growth by investing in technology, R&D and innovation as consumer preferences and expectations evolve, engage actively with RBI through their instruments and build and sustain relationships with your stakeholders ' creditors, suppliers and customers.
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