Status And Growth Of Micro, Small & Medium Enterprises (Msmes) Post Msmed 2006 Act Implimentation In India

Abstract

The MSME’s which is commonly called as Micro, small and medium enterprises has been frequently specified as ‘growth engine of economy’ which is often true for many developing countries and no exception to Indian economy. MSME’s has a big role in fostering the comprehensive economic ramp-up of a country. Since very long time MSMEs of India have been playing its part in contributing to the growth of country’s economy in a commendable manner. MSMEs have been reclaimed for yielding large-scale employment with little investments after agriculture. The current study is an attempt to highlight the contribution of MSME and growth achieved post implementation of MSMED Act 2006, a policy aimed at boosting the micro, small and medium industries in India. The study establishes that there exist significant growth in MSMEs for quite some time and the change stands remarkable. Thus the study highlights the need for encouraging MSME’ by securing them with a careful approach and equitable implementation of policies.