PAPER ID: IJIM/Vol. 9 (VII) November/71-79/10

AUTHOR: Sohan Lal^[I]  Dr. Kuldeep Kumar^[II]  

TITLE: A STUDY ON MSMEs AND ITS IMPORTANCE IN INDIA

ABSTRACT: This research paper explores the significance of Micro, Small, and Medium Enterprises (MSME) in India, which make up almost 8% of the country’s GDP and account for 45% of total industrial production and 40% of exports. MSMEs, as per the Micro, Small, and Medium Enterprises Development Act, 2006, are crucial for the critical supply chain of products and services. Micro, Small, and Medium Enterprises are crucial in the supply chain, specializing in product production, processing, or storage, and are seen as job creators, contributing to large-scale employment and industrialization in rural and backward areas. The MSME sector has consistently shown greater growth rates than the entire industrial sector, demonstrating innovativeness and adaptability during economic crises and recessions. It is recognized as a global growth driver, providing employment and industrializing underdeveloped areas at comparable legal costs.

KEYWORDS: MSME, Importance, Financial Assistance, Employment Opportunities, Growth, Make in India, and Government Initiatives.

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