An Analysis of Performance, Growth and Prospects of Micro, Small and Medium Enterprises in India
Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly pulsating and dynamic sector of the Indian economy over the last five decades. The present study is concentrated to analyzing the performance, growth and prospects of micro, small and medium enterprises inIndia. The result shows that MSME has grown significantly in terms of expansion of number of branches, market value of fixed assets, gross output, employment but export growth has declined slightly. We have also observed that micro and small enterprises have significant contribution to economy in terms of total industrial production and its contribution to the gross domestic product of the economy and found that the MSME sector has maintained a higher rate of growth vis-à-vis the overall industrial sector as would be clear from the comparative growth rates of production for both the sectors during last five years. In order to countering the challenges of regional industrial imbalances, employment generation through self-employment ventures, increased productivity, etc, development and expansion of MSME is urgently needed for achieving socio-economic development all over India.
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