MSME Sector: A Multifaceted Model to Achieve Prosperity

Abstract

Despite new MSME sector initiatives in India, a consistent plan of action has been found to be missing. The aim of this paper is to explore the evolving role of micro, small and medium-sized enterprises (MSMEs) in the development of India and to suggest a list of certain steps that can be taken by the Government of India with a view to promoting MSMEs. This research paper also seeks to capture the MSME scenario in terms of recent trends such as jobs, exports, manufacturing and their contribution to the Indian economy. This paper explores, in addition to examining the crucial value of the MSME sector in the light of globalisation, the ability to face the challenges imposed by growing competition and needed by new initiatives. With the major contribution of the MSME sector to the country's GDP and job generation, their empowerment will certainly help achieve the long-term target. Because of agriculture-based development activities, there will certainly be a boost in MSMEs and it will also result in job generation