Role of Micro, Small and Medium Enterprises in Indian Economy (KEY IJP************668)

• Dr.arti Chudaman Lokhande

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are vital for the economic progress of any nation, playing a crucial role, especially in developing countries. They foster economic activity, create employment, and significantly contribute to poverty alleviation. After agriculture, the MSME sector is the second-largest employer in India. Over time, the Indian MSME sector has evolved into a dynamic and vibrant part of the economy.MSMEs not only generate substantial employment with minimal capital investment compared to large industries but also promote industrialization in rural areas, contributing to the development of the non-farm sector. This sector serves as a catalyst for inclusive growth, empowering the most vulnerable and marginalized communities. The primary objectives of this paper are to examine the growth in the number of MSME units, their contribution to GDP, employment, and exports in India Additionally, the paper aims to analyze the relationship between MSME sector growth and the achievement of the Sustainable Development Goals (SDGs) 2030, assess the MSME sector's role in creating green jobs in India, and highlight the challenges faced by the MSME sector. Keywords: Micro, Small and Medium Enterprises, Green Jobs, Sustainable Development Goals, Economic Development, Inclusive Growth