Contribution of msme in Indian economy

The Micro, Small and Medium Enterprises (MSME) sector has become an inevitable sector of the Indian economy in creating employment for the large number of people over the last six decades. It's contribution is indispensable in the economic and social development of the country by nurturing entrepreneurship and creating the largest employment opportunities at lower capital cost next to the agriculture areas. It plays as a complementary for large industries as ancillary units and this sector contribute significantly in the inclusive industrial development of the country. It widened their domain across all the sectors of the economy, producing various range of products and services to meet out the demands of domestic as well as global markets. In order to enhance the support and contribution of the MSME on Indian economic empowerment the Ministry of MSME takes numerous measures and schemes like financial assistance, technology assistance and upgradation, infrastructure development, skill development and training, enhancing competitiveness and market assistance of MSMEs. Hence, the present paper aimed to understand the contribution of MSME in Indian economy in the recent scenario.