Role of MSME in Indian Economy Development

Abstract

     The MSME sector significantly contributed to the creation of employment opportunities to rural and semi urban, development and Gross National Product in terms of greater industrial production. Both the Central and State government have taken many initiative to support MSMEs’ growth and ensure their sustained contribution to GDP, economic growth, employment generation and poverty alleviation.  The MSMEs are spreading its markets in domestic as well as international by producing diverse range of products and services. MSMEs holds one of the most important role in Indian economy

        The new classification of MSME as notified on 26th June, 2020, the Udyam registration portal was launched on 1st July, 2020. . A revision in MSME criteria for classification was announced under Aatma Nirbhar Bharat package on 13th May2020. Now, there is no difference between manufacturing and service sectors. The objective of paper are to examine growth and Performance of MSMEs and to examine the steps taken by the government to the development of MSME’s. The Present paper is descriptive in nature and mainly emphasis on MSME’s in Indian Economy. The paper is based on the secondary data.