• Dr.D.Adeppa

MSMEs contribute around 30 per cent to India’s GDP, employ about 11 crore people, constitute nearly 40 per cent of total exports, and more than half of them are located in rural India. The government is keen to rev up this sector to achieve inclusive growth, thereby attaining self-reliance. According to the Invest India portal maintained by the Government of India, MSMEs account for 95% of all industrial units and employ over 100 million people across the country, second only to the agricultural sector. The growth of the MSME sector is crucial to widening the industrial base of the state, enhancing livelihood opportunities, and fostering entrepreneurship and productivity in upstream and downstream sectors. The MSMEs sector is the backbone of the national economic edifice and has unremittingly acted as the fulcrum for the Indian economy, providing it resilience towards global financial shocks and hard times. With approximately 63.4 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities, as well as 33.4% of India's manufacturing output. Further, there is a vision to enhance MSMEs' contribution to India’s GDP to over 50% from the current 29% and that for the Indian economy to scale the $5 trillion mark, the contribution of the MSME sector will be crucial. Over the last five decades, the micro, small and medium enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy. MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital costs than large industries but also help in the industrialization of rural and backward areas, thereby, reducing regional imbalances and assuring a more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units, and this sector contributes enormously to the socio-economic development of the country. This paper focused on the growth of MSMES and outlined the opportunities available for MSMES in the Indian economy.

Key Words: Micro, Small and Medium Enterprises, employment opportunities, service activities.

"An Overview of MSMEs in the Indian Economy", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 7, page no.g808-g817, July-2021, Available :http://www.jetir.org/papers/JETIR2107826.pdf

"An Overview of MSMEs in the Indian Economy", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 7, page no. ppg808-g817, July-2021, Available at : http://www.jetir.org/papers/JETIR2107826.pdf