MSMEs: The Growth Engine of India to Achieve Sustainable Development

Abstract

Micro, small, and medium enterprises (MSMEs) are the backbone of industrialization and entrepreneurship in the world. The role of MSMEs in India is remarkable and worth writing about. MSMEs are enhancing the country's employment rate and increasing the level of skills and entrepreneurship. This study is completely based upon secondary data and with the help of the annual report of MSMEs (2022-23 December) the role of MSMEs in India's economic growth is identified. With the main objective, this study reveals the employment generation through MSMEs in India. The study was analyzed with the help of MS- excel and represented tables and charts of the data analysis and interpretation. It has been found that the MSME sector has a vital impact on the economy of India. The study further reveals a growth in the number of enterprises and through the establishment of MSMEs unemployment can be eliminated in rural and urban areas.