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INTERNATIONAL JOURNAL OF CREATIVE RESEARCH THOUGHTS - IJCRT (IJCRT.ORG)
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EMPOWERING INDIA'S SMALL BUSINESSES: AN OVERVIEW OF THE MSME SECTOR'S GROWTH AND FUTURE OPPORTUNITIES
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MUHAMMAD ASHARAF
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Keywords
Micro, Small, and Medium Enterprises, current status, sector, role and performance, challenges, and prospects.
Abstract
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the Indian economy, contributing significantly to employment generation, GDP growth, and industrial development. This abstract provides an overview of the current status and prospects of the MSMEs sector in India. The MSMEs sector in India encompasses a diverse range of industries, including manufacturing, services, and trade. It serves as a breeding ground for entrepreneurship and innovation, promoting inclusive economic growth and regional development. However, the sector faces various challenges such as limited access to finance, inadequate technological capabilities, and regulatory complexities. Despite these challenges, the MSMEs sector has exhibited resilience and adaptability, particularly in the face of the COVID-19 pandemic. The Indian government has implemented several initiatives to support and empower MSMEs, such as the introduction of the 'Atmanirbhar Bharat' (Self-reliant India) campaign, which emphasizes domestic manufacturing and entrepreneurship. The current status of the MSMEs sector reflects a mix of strengths and weaknesses. On one hand, MSMEs contribute to over 45% of India's total industrial output and employ millions of people. On the other hand, their productivity levels and export competitiveness need further improvement. Enhancing the sector's access to formal credit, technology upgradation, and skill development programs are key priorities for its sustained growth. The prospects of the MSMEs sector in India are promising. Several factors, such as the rise of digital technologies, increasing focus on sustainability and circular economy, and the government's supportive policies, are expected to drive the sector's growth. Initiatives like creating a dedicated MSME stock exchange, establishing technology centers, and simplifying regulatory frameworks aim to create an enabling environment for MSMEs to thrive. To unlock the full potential of the MSMEs sector, it is crucial to foster public-private collaborations, strengthen supply chains, and promote entrepreneurship at all levels
IJCRT's Publication Details
Unique Identification Number - IJCRT23A5044
Paper ID - 237764
Author type - Indian Author
Page Number(s) - i523-i532
Pubished in - Volume 11 | Issue 5 | May 2023
DOI (Digital Object Identifier) -
No Of Downloads - 72
Author Country - India, 691306, Anchal, Anchal, 691306, Commerce and Management, MBA All Branch
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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MUHAMMAD ASHARAF, "EMPOWERING INDIA'S SMALL BUSINESSES: AN OVERVIEW OF THE MSME SECTOR'S GROWTH AND FUTURE OPPORTUNITIES", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.11, Issue 5, pp.i523-i532, May 2023, Available at :http://www.ijcrt.org/papers/IJCRT23A5044.pdf
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