Contribution of MSME in Indian Economy: A Study for the Last Five Years of this Millenium (2019-2024)

Dr. Nabanita Pal

Assistant Professor in Commerce

Sarat Centenary College, Dhaniakhali, Hooghly

University of Burdwan

Abstract

The Micro, Small and Medium Enterprises (MSME) sector has played a vital role in Indian Economy as a highly vibrant and dynamic sector after the independence. It contributes significant changes in the economy and social development of the country by fostering entrepreneurship and generating large employment opportunities at comparatively lower capital cost, next to agriculture. MSME are alternatively to large industries as ancillary units and these sectors are highly challenging in the industrial development of the country. The MSME are expanding their domain across the country   by producing diverse range of products and services to meet demands of domestic as well as international markets. This paper analysed on employment and contribution in GDP of MSME sector in Indian economy over the last five years.

KEY WORDS: MSME, Employment, industrial Development, International Market, GDP