Role of MSMEs in India

Abstract

In the current business environment, micro, small, and medium-sized businesses are acknowledged as the main force behind economic growth and the advancement of equitable development. Additionally, MSMEs are essential to the growth of industries and the creation of job opportunities. When compared to India's entire industrial sector, the MSMEs sector has continuously shown a greater growth rate. Due to factors including raw material shortages, ignorance or a lack of entrepreneurial skill development, and a lack of funding and technical support from relevant local authorities at the district, state, and federal levels, the distribution of MSME's throughout India is unequal. The primary issues facing MSME's are the absence of contemporary technology, the high cost of credit, the lack of research and developments, the lack of training and skill development, the complexity of labour laws, and the lack of an adequate and timely credit facility. Nevertheless, there are a number of chances for MSME development. Additionally, the MSME sector might draw in international technology and investment. The growth of MSME's increases the likelihood of employment. After taking into account the customers' expectations first, the MSME's will be able to meet their wants to a large degree. Allowing young people to work in rural regions can stop them from migrating there. The development of MSME would be aided by the exchange of technology among the various MSME kinds, financial and technical support, lenient labour regulations, and training and skill development. The Indian government provided numerous opportunities for the slogans "Made in India" and "Vocal for local" to succeed.