Role of Micro, Small, and Medium Enterprises (MSMEs) in Economic Development of India

Abstract

Micro, Small, and Medium Enterprises (MSMEs) contributing around 30% of the Indian gross domestic product (GDP), around 45% of the manufacturing output, and approximately 40% of the country’s exports. It won’t be wrong to refer to them as the ‘Backbone of the Indian economy.’ MSMEs players a crucial role in the development of the Indian economy and have contributed immensely to the country’s socio-economic development. It not only generates employment opportunities but also works for the development of the nation’s backward and rural areas.