Growth Of MSME In India, Developmental Factors And Their Macroeconomic Analysis

Anchlia Nehal (2024) Growth Of MSME In India, Developmental Factors And Their Macroeconomic Analysis. Faculty of International Management and Business.

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Abstract

Micro, Small, and Medium Enterprises (MSMEs) are pivotal for the economy when it comes to developing nations, with India being a prime example. These enterprises significantly contribute to inclusive economic growth, job creation, and the Gross Domestic Product of India. Understanding the catalysts for their growth and the subsequent macroeconomic ramifications is crucial for shaping policy decisions and fostering sustainable development. This research delves into the evolution of MSMEs in India, focusing on identifying the key factors propelling their growth and analyzing their macroeconomic impact. They are instrumental in fostering entrepreneurship and innovation across diverse sectors. MSMEs contribute approximately 30% to the country’s GDP, account for 45% in the manufacturing sector yield, and represent around 40% of India's absolute exports. They are also significant employment generators, providing jobs to around 120 million people, which is second only to the agricultural sector. The "Make in India" initiative enhances the "Made in India" brand, attracting international partnerships and encouraging collaborations with MSMEs. Yet, unlocking the full potential of MSMEs, especially in rural locales, remains a challenge. With more than half of India's 63.4 million MSMEs situated in rural areas, these regions are ripe for job creation and economic growth. Revitalizing cottage industries and encouraging rural entrepreneurship could simultaneously broaden employment opportunities and stimulate economic development. A careful balance of legislative updates, new policy introductions, and refinements of existing policies alongside conscientious implementation is essential for catalyzing further growth in MSMEs. This growth is anticipated to lead to more job opportunities, an increased contribution to the GDP, and ultimately inclusive economic progress for India.

Institution

Budapest Business University

Kar

Faculty of International Management and Business

Department

Nemzetközi Gazdaságtan Tanszék

Tudományterület/tudományág

UNSPECIFIED

Szak

Nemzetközi gazdaság és gazdálkodás (angol)

Item Type:	Thesis (UNSPECIFIED)
Uncontrolled Keywords:	business enterprises, economic development, economic value, India, investment analysis
SWORD Depositor:	Archive User
Depositing User:	Archive User
Date Deposited:	2024. Sep. 26. 07:59
Last Modified:	2024. Sep. 26. 07:59

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