Role of Micro Small and Medium Enterprises (MSMEs) for the Economic Development of a Nation: An analysis
Dr. Santosh Kumar Panigrahi
The last five decades have seen an unprecedented growth of the Micro, Small and Medium Enterprises (MSME) sector in this country. The new found dynamism is an important indicator of the possibilities that this sector presents and is an inspiration to many aspiring entrepreneurs. While on one hand the MSME sector has been churning out impressive employment opportunities for the youth of this country. It is also playing a key role in improving industrialisation of the rural and backward areas. It also helps in reducing the regional imbalances and in more equitable distribution of the National income and wealth. The contribution of the MSME sector in the Indian context is not only economic growth but also social development. Contribution of MSME to the growth of India to the overall industrial production and GDP of the country has been consistent. The total industrial production marks a 39% contribution; the GDP records it to nearly 8%.
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