Role of MSME Sector in Growth and Development of the Economy: A Quantitative Investigation

Abstract

India's Micro, Small, and Medium-Sized Businesses (MSMEs) industry is acknowledged as a key factor in the expansion and development of the national economy. With over a million people employed and a sizable impact on the Economy of the nation, it is one of the greatest employment-generating sectors. Recognizing the significance of the MSME sector, the Indian government has launched a number of programmes to support its expansion and advancement. There are numerous approaches to measure the MSME sector's impact on the Indian economy. It creates job possibilities in both urban and rural areas, thereby reducing poverty and boosting economic growth. India is becoming a big player in the global market thanks to the sector's tremendous growth in exports over time. For the long-term growth and development of the nation, the MSME sector fosters entrepreneurship and innovation. For India's economy to flourish and thrive, the MSME sector must expand and develop. This sector is crucial to the development of the nation as a whole since it has the ability to enhance exports, foster innovation, decrease poverty, and create jobs.