Growth and Future Prospects of MSMEs Industries in India
Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in the growth of the Indian Economy. In the last five decades, MSMEs have grown enormously; according to the statistics, MSMEs have a vast network of around 30 million units, over 70 million people are getting employment through MSMEs, they manufacture over 8,000 products, contributing about 45% to manufacturing output and about 40% of exports directly and indirectly. Significantly, after agriculture, MSMEs are the second biggest employment provider in the country. After the independence of India, MSMEs help to boost the economy of India . This post is an attempt to focus on the present status of the performance of MSMEs and their prospects in the country. Classification of MSMEs: According to the recent amendment by the Ministry of Micro, Small and Medium Enterprises (MSME), now in India MSMEs are classified as below. A Micro Enterprise, investment in Plant and Machinery or Equipment should not exceed one cr...