• Akhil Reji Jacob

The micro, small and Medium enterprises or MSME sector has been considered as backbone of Indian economy. This sector has been identified as one of the major contributors to the country’s Gross Domestic Product and stimulator of growth in the nation. Since independence MSME’s have strategic importance to the nation, due to its magnitude in terms of employment, production and export this sector has strategic importance to policy makers. In last few years many units in this sector closed down their operation. Closure of this small business entities not only become a stumbling block in the creation of employment opportunities but also hurt the development of the economy. Considering this opportunities and challenges Government of India has launched various initiatives to revive this sector such as Make in India, Startup India, Skill India. Along with these initiatives the MSME’s has to change their approach in their operations in order to overcome their problems as well as to compete with other business units. This sector has been considered as the tool for achieving growth with equity and decentralization. Development of appropriate economic policy is crucial for the survival of this sector. This paper aims to analyze the importance, challenges of MSME sector as well as the various schemes formulated by the Government to promote MSME in India.

Micro, Small and Medium enterprises, Gross Domestic Product, Make in India

"MSME’S AS AN ENGINE FOR ECONOMIC GROWTH IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.1-5, June 2019, Available :http://www.jetir.org/papers/JETIR1907H01.pdf

"MSME’S AS AN ENGINE FOR ECONOMIC GROWTH IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp1-5, June 2019, Available at : http://www.jetir.org/papers/JETIR1907H01.pdf