Highlight the importance of MSME sector in Indian economy. Also, identifying the challenges, suggest some policy recommendations to ensure their sustenance and competitive growth.
Answer: Micro, Small and Medium Enterprises (MSME) sector is a very important piece of India’s legacy economic model and a part of the critical supply chain for products and services.
Importance
- Contributes around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities, 33.4% of India’s manufacturing output and 45% of the overall exports from India
- Creates a vast opportunity, employing nearly 120 million people
- Provides inclusive growth as it includes marginalized sections of a society like women, ST/SC, etc.
- Can be started with limited resources within the control of the owner due to which decision-making ....
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