MSMEs Sector in India: Current Status and Prospect

Dr. Ajit Singh

doi:10.21276/ijirem.2021.8.4.7

Abstract

The Micro, Small, and Medium Enterprises (MSME) embody the foundation of an economy in nurturing a recognizable growth rate and for engendering employment juncture. This sector has been considered as a device of socio-economic development in many developing and developed economies. It contributes significantly to India's industrial production, export, employment, and generates an extensive entrepreneurial base. The pandemic strikes globally so as also impact badly MSMEs and after COVID-19, the sector assumes a pivotal role in driving the growth engine. This paper analyzes the definition of MSMEs, the role and performance of MSMEs in the current status, and various challenges and prospects associated with the sector in India. The study concluded that the pandemic adversely impacts MSMEs and the government should take proper measures to overcome its effect.

Keywords

Micro, Small, and Medium Enterprises, current status, sector, role and performance, challenges, and prospects

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Cites this article as

D. A. Singh "MSMEs Sector in India: Current Status and Prospect", International Journal of Innovative Research in Engineering & Management (IJIREM), Vol-8, Issue-4, Page No-42-45, 2021. Available from: https://doi.org/10.21276/ijirem.2021.8.4.7