Navigating the Obstacles: A Systematic Review of Challenges Faced by MSMEs in India

Abstract

MSME has a significant role to play in Indian economy. It consists of approximately 63.3 million MSME units across the country. These units contribute not just to manufacturing and service activities but also in employment generation, GDP and export of the country but sadly there are many challenges that MSME in India has to face across various levels. Challenges such as limited transportation and communication networks, inadequate technological advancements, insufficient infrastructure, lack of financial resources, deficiency in managerial skills, and a lack of awareness regarding quality standards, among others. This paper aims to consolidate the efforts made by various researchers who have attempted to predict the challenges faced by MSMEs. It presents a compilation of literature reviews focusing on the challenges of MSMEs, making it a valuable resource for future researchers seeking relevant literature in one comprehensive document.