Abstract
MSMEs (Micro, Small and Medium Enterprises) have been globally considered as an engine of economic growth and as key instruments for promoting equitable development in most of the economies of the world. The MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth. They not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas, which in turn, reduces regional imbalances, assuring more equitable distribution of national income and wealth. Micro, Small and Medium Enterprises (MSME) and Start-ups play vital role in the process of development in India. It generates employment at low cost and helps the society to move on the path of prosperity & growth. As more than 65% of Indians live in villages and as there is little scope for establishment of Large-scale industries in these areas, MSME is an important aspect with regard to development of rural areas. Even though the State has huge potential for industrialization, especially for MSME sector, its potential has not been fully harnessed so far. Thus the present paper is an attempt towards finding out the Strengths, Weaknesses, Opportunities and Threats of MSMEs and Start-ups in the State of Haryana. The present study proposes interprets, analyse, and understand the challenges faced by the Micro entrepreneurs and their business in Haryana State. By virtue of so, the study will prove to be a panacea for Micro entrepreneurs and start-ups. The study further suggests them how to increase the innovativeness, decision making and diversification of their businesses in Haryana state.
Highlights
Sustainable development of any economy depends on large scale organized industries and dependent on other employment generation avenues to utilize locally available natural and human resources
The MSMEs [2] constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth
By promoting the Micro entrepreneurs, there will be a possibility to turn them into Micro, Small and Medium Enterprises (MSME)
Summary
Sustainable development of any economy depends on large scale organized industries and dependent on other employment generation avenues to utilize locally available natural and human resources. The MSMEs [2] constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth These play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries and help in industrialization of rural & backward areas, which in turn, reduces regional [3] imbalances, assuring more equitable distribution of national income and wealth. By promoting the Micro entrepreneurs, there will be a possibility to turn them into Micro, Small and Medium Enterprises (MSME) They play a decisive role in the development of economy of developing countries like India. In India, MSME contribute nearly 8 percent of the country’s GDP [11], 45 percent of the manufacturing output and 40 percent of the exports They provide the largest share of employment after agriculture (Ministry of Micro, Small & Medium Enterprises). The MSMED Act, 2006 [13] defines the Micro, Small and Medium Enterprises based (i) on the investment in plant and machinery for those engaged in manufacturing or production, processing or preservation of goods and (ii) on the investment in equipment for enterprises engaged in providing or rendering of Services
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