International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Empowering Indian Economy: Transformative Influence of MSME on Economic Development

Author(s) Supriya G R, Roopadarshini.S
Country India
Abstract Exploring the transformative influence of Micro, Small, and Medium Enterprises (MSMEs) on India's economic development, this research paper investigates their pivotal role in empowering the nation's economy. Through a comprehensive analysis of MSME activities spanning manufacturing, services, and trade sectors, it underscores their significant contributions to growth, employment generation, and socio-economic progress. Highlighting the diverse impacts of MSMEs, particularly in fostering innovation, entrepreneurship, and inclusive growth, the study emphasizes their role as engines of job creation, especially in rural areas. Moreover, it examines how MSMEs promote balanced regional development by leveraging local resources, thus bridging urban-rural disparities. Additionally, the paper discusses the social empowerment and inclusion facilitated by MSMEs, offering opportunities for entrepreneurship among women, youth, and marginalized communities. Despite their vital contributions, MSMEs face challenges such as limited access to finance, technology, and regulatory complexities, requiring a coordinated effort from policymakers and stakeholders. By shedding light on the transformative influence of MSMEs, this paper provides valuable insights for advancing inclusive economic development in India.
Keywords MSMEs, economic development, entrepreneurship, employment generation, inclusive growth, India.
Field Business Administration
Published In Volume 6, Issue 3, May-June 2024
Published On 2024-06-17
Cite This Empowering Indian Economy: Transformative Influence of MSME on Economic Development - Supriya G R, Roopadarshini.S - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.22608
DOI https://doi.org/10.36948/ijfmr.2024.v06i03.22608
Short DOI https://doi.org/gt2b9t
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