HRM Practices in MSME'S for a Sustainable Economic Growth and Development of India

Abstract

Human resource has become the unending source of strength and ability. To cope up with the competitive edge and challenge of managing Human resource organizations require effective HRM system. This paper highlights the overview of the human resource practices in Micro Small and Medium Enterprises and the growth and development of Micro Small and Medium sized Enterprises (MSMEs) sector in India's economy. Micro, Small and Medium Enterprises (MSMEs) represent more than 90% of all businesses & occupies a central part of the Indian economy. From the point of Indian perspective, they provide bread and butter to many Indian people & are essentially the drivers of the Indian economy. MSMEs sector has performed exceedingly well and enabled our country to achieve a wide measure for its advancement. Today, Human Resource Management (HRM) practices play a vital role because its functions, practices and procedures are drastically increasing, considering the growth of the economy. The uniqueness of this paper emphasize on the HRM perspective which is important for MSMEs to progress and be competitive in India which analyses the various issues & challenges faced by MSMEs and various factors affecting which would help the MSMES to be more resilient.