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Micro Small and Medium Enterprises contribute significantly to total industrial activity in our country and play a vital role in boosting employment generation. Currently, there exist over seven crore MSMEs that create around twelve crore jobs in the country across various types of enterprises. This sector offers wide range of opportunities for self-employment as well as jobs after the agricultural sector. In addition, the labour – capital ratio tends to be much higher for MSMEs.
Agenda for Action:
MSME sector is critical for the growth of the economy. This is because the sector tends to have a multiplier effect on other sectors in the economy. As envisaged in the National Manufacturing Policy (NMP), the manufacturing sector has the potential to provide employment to 100 million people by 2022. However, in order to do so, it is imperative to bring about certain changes. Some of the suggestions through which employment can be boosted are:
Increasing Market Access:
Timely Access to Credit:
These schemes have a huge social context as these are majorly aimed to benefit women and the marginalized sections of the society such as Scheduled Caste and Scheduled Tribe communities.
Conclusion:
As per the last NSSO Survey, there are around 6.34 crore MSMEs in the country. They are steadily migrating to the formal economic sytem – registering in the GST network. An overwhelmingly large percentage of entities registered in the GSTN are MSMEs. They deserve all support for their growth.
By: DATTA DINKAR CHAVAN ProfileResourcesReport error
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