A Comprehensive Study of Micro, Small and Medium Enterprises (MSMEs) and their Role in Fostering Inclusive Economic Growth in India

Description

Page: 338-343

Ganesh Kumar (Department of Economics, Government Degree College, Pawanikala, Sonbhadra, Uttar Pradesh)

This research paper centers on the concept of inclusive growth within the context of Indian Micro, Small, and Medium Enterprises (MSMEs). Over the past five decades, the MSME sector in India has experienced significant growth. This sector plays a decisive role in creating employment opportunities and facilitating industrialization in rural and underdeveloped regions of the country as a result, it plays a role in mitigating regional inequalities and promotes a fairer allocation of a country’s income and assets. Additionally, the MSME sector actively contributes to the broader socio-economic advancement of the nation. Research findings indicate that MSMEs are present in every Indian state, with a greater presence in states that are geographically larger. There is a noticeable gender bias in the MSME sector, possibly due to the nature of MSMEs jobs, which often lack white-collar employment opportunities that can be accomplished remotely. This paper also underscores the widespread ownership of businesses by marginalized social groups, both in rural and urban settings.