THE ROLE OF MSMEs IN THE INDIAN ECONOMY
Dr. Ajitesh Gupta
The Micro, small and Medium Enterprises (MSME) sector in India, formally established by the MSMED Act of 2006, encompasses businesses engaged in manufacturing, processing or preservation of goods. Under the recent classifications of the Aatma Nirbhar Bharat Abhiyan 2020, MSMEs are categorized based on their investment levels. The role of MSMEs in Indian economy is crucial for several reasons. It serves as a significant source of employment, particularly in economically disadvantaged regions, contributing to poverty alleviation and inclusive growth. MSMEs bolster the country's export potential, fostering international trade and economic stability. They promote entrepreneurship and innovation, driving competitiveness and productivity within the economy. Through initiatives and support from the government, the MSME sector continues to thrive, making substantial contributions to India's GDP and overall economic development.
The Micro, small and Medium Enterprises (MSME) sector in India, formally established by the MSMED Act of 2006, encompasses businesses engaged in manufacturing, processing or preservation of goods....