At the International MSME Day 2026 celebrations held at the Dr. Ambedkar International Centre, Vice President C. P. Radhakrishnan emphasized that Micro, Small, and Medium Enterprises (MSMEs) will play a defining role in achieving India’s long-term development vision of “Viksit Bharat @2047.”

Addressing the ‘MSME Day 2026–Udyami Bharat’ gathering, the Vice President described MSMEs as the backbone of India’s economy, representing the ambition of young entrepreneurs, the determination of first-generation business owners, and the resilience of small industries across the country. He noted that India’s journey toward becoming a developed nation will be strongly driven by this sector’s growth and innovation.

MSMEs urged to scale up with quality and ambition

Drawing from his experience in public service and industry leadership, Radhakrishnan encouraged entrepreneurs to stay committed to their businesses and overcome early-stage challenges with persistence. He stressed that maintaining high product and service quality is essential for survival in a competitive global marketplace.

While cost efficiency remains important, he cautioned that it should never compromise standards. He also called on enterprises to continuously expand their scale of operations, urging micro businesses to grow into small enterprises and small firms to evolve into medium-sized companies.

He highlighted the importance of supportive policies, easier access to credit, and increased investment to enable sustained growth within the MSME ecosystem.

AI and digital tools positioned as growth drivers

A major focus of the Vice President’s address was the growing importance of Artificial Intelligence (AI) and digital transformation. Aligning with the global theme “Human-Centered Entrepreneurship in an AI-Driven Future,” he encouraged MSMEs to embrace emerging technologies as opportunities rather than threats.

He compared current AI-driven changes to earlier technological shifts such as the introduction of computers, which initially raised concerns but eventually created new jobs and industries. According to him, AI can significantly enhance productivity, innovation, and global competitiveness for small businesses.

Government launches new digital platforms for MSMEs

The event also saw the unveiling of several digital initiatives aimed at strengthening India’s MSME ecosystem:

• PMEGP 2.0 Portal: Designed to streamline beneficiary processes and integrate with Jan Samarth Portal for faster credit access.
• SAMADHAAN 2.0 Portal: A system to track delayed payments owed to MSMEs by government departments and agencies.
• MSME Global Mart 2.0: Integrated with the Open Network for Digital Commerce (ONDC), it aims to expand market access for small businesses across India and abroad.
• Multilingual AI Support System: An AI-based platform offering services in 22 Indian languages, including voice-based grievance redressal and document translation to improve accessibility.

Push toward a digitally empowered MSME sector

The government’s continued rollout of digital platforms reflects a broader strategy focused on formalization, innovation, and technology adoption within the MSME sector. Officials said these initiatives are designed to improve ease of doing business, enhance transparency, and help small enterprises compete in both domestic and global markets.

With AI integration and digital infrastructure gaining momentum, policymakers believe MSMEs are well-positioned to become a central force in India’s economic transformation.

India’s Goods and Services Tax (GST) collections hit a new high in February 2026, with gross revenue exceeding ₹1.83 trillion, marking an 8.1 percent increase over the same period last year. The surge has been largely supported by rising import-related tax revenue and stable domestic consumption across key sectors.

Strong Domestic Revenue Signals Economic Stability

Domestic GST collections grew by approximately 5.3 percent to nearly ₹1.36 trillion. Analysts attribute this rise to consistent consumer spending, stable business operations, and the expanding adoption of digital payment platforms. Improved tax compliance and structured electronic invoicing systems have also contributed to strengthening revenue inflows.

Import Tax Revenue Jumps 17.2 Percent

Import-based GST revenue recorded the most notable increase, rising 17.2 percent to around ₹47,837 crore. Experts point to higher demand for imported raw materials and India’s deeper integration into global supply chains as key factors behind this sharp growth. The increase in import duties has significantly bolstered the overall fiscal position.

Refunds Processed to Maintain Liquidity

To support business liquidity, the government disbursed approximately ₹22,595 crore in GST refunds, a 10.2 percent rise from the previous year. After accounting for refunds, the net GST collection stood at over ₹1.61 trillion, reflecting a year-on-year growth of roughly 7.9 percent.

Cess Revenue Shows Decline

While overall GST collections rose, cess revenue declined to nearly ₹5,063 crore from ₹13,481 crore in February 2025. Economists suggest that changes in consumption patterns and adjustments in the tax structure contributed to the drop in cess collections.

Digital Compliance and Fiscal Outlook

The continued growth in GST revenue highlights the strengthening of India’s digital transaction ecosystem and effective tax compliance measures. Authorities have been enhancing technological monitoring systems to curb tax evasion and expand the tax base. Analysts note that sustained GST growth supports fiscal balance, public expenditure programs, and infrastructure initiatives, though global trade volatility and geopolitical uncertainties remain potential risks for future revenue trends.

The government has indicated that efforts will continue to expand digital taxation frameworks, improve compliance, and ensure transparency to maintain stability in revenue collection across sectors.

New Delhi / Agra — The Income Tax Department carried out a massive, coordinated search operation on Thursday targeting major players in the desi ghee industry, covering 35 locations linked to five prominent manufacturers across Uttar Pradesh, Rajasthan, and Delhi. The raids began early in the morning and continued late into the night, officials said.

More than 150 officials from the department’s investigation wing were deployed, conducting simultaneous searches across factories, cold storage units, offices, and residential properties associated with the targeted groups.

Key Locations and Preliminary Findings

In Agra, searches were reported at multiple sites, including a cold storage facility on Shamsabad Road, an office on the bypass road, and residences in Kamla Nagar, Nehru Nagar, and Surya Nagar. Early reports suggest significant amounts of unaccounted cash, jewellery, and other high-value assets were detected at some promoter residences. Preliminary estimates indicate these assets could run into several crores of rupees, though the final assessment will follow completion of the search proceedings.

Officials are also scrutinising land and other immovable property investments, including potential overseas holdings, to verify declared income versus actual acquisitions.

Scope of Investigation

The five targeted desi ghee manufacturers are long-established names with strong retail and wholesale networks across north India. The Income Tax Department suspects underreporting of income over multiple years, allegedly using cash transactions and layered investments to evade taxes.

Investigators seized account books, sales registers, procurement records, and digital devices such as computers and servers for forensic analysis. The probe is part of a broader nationwide drive against tax evasion, unaccounted income, and benami assets, particularly in the FMCG and food-processing sectors, which have faced scrutiny due to cash-heavy operations and turnover discrepancies.

Industry Impact

Observers say the raids send a strong compliance signal to the food manufacturing sector, especially businesses dealing in high-volume, cash-driven consumer goods like dairy products. The operation is described as one of the largest income tax actions in recent years targeting north India’s food business ecosystem.

Officials will release details on the total cash, jewellery, and documents seized only after the search and seizure process is complete. Based on findings, further tax demands, penalties, and legal proceedings may follow.