India, June 27 -- One of the most important economic stories of the past decade has been the expansion of opportunity for India's MSMEs.

A decade ago, many small businesses were constrained by geography. Their customers were local, their supply chains fragmented and their growth prospects often shaped by limitations in market access, infrastructure and connectivity. Today, that picture looks very different.

The introduction of GST, the establishment of robust digital public infrastructure, the strengthening of logistics networks and the continued growth of e-commerce have fundamentally changed the operating environment for MSMEs. Together, these developments have helped formalise India's enterprise ecosystem and democratise market acces...