The Evolving Discourse on MSMEs and India’s Five Trillion Dollar Aspiration

Abstract

The Micro, Small, and Medium Enterprises (MSME) sector plays a pivotal role in India's economic growth, contributing nearly 30% to the GDP, over 45% of exports, and employing more than 110 million people. This study employs bibliometric analysis to map the evolution of scholarly discourse on MSMEs in India from 1996 to 2023, identifying key themes, institutional contributions, and research trajectories. The temporal analysis reveals a surge in publications post-2010, peaking in 2021, driven by policy initiatives, the five-trillion-dollar economic vision, and the COVID-19 pandemic. Journal articles and conference proceedings dominate the research output, with the International Monetary Fund emerging as the most prolific contributor. Co-occurrence analysis highlights the centrality of COVID-19, indicating its disruptive impact on MSMEs and its influence on research priorities. Sustainability, innovation, and digital transformation also emerge as significant themes. However, co-authorship and bibliographic coupling analyses suggest a fragmented research landscape with limited collaboration. Grounded theory analysis postulates that while MSMEs are critical drivers of inclusive growth, their potential is constrained by structural challenges, necessitating a supportive ecosystem. The study underscores the need for interdisciplinary collaboration and the integration of grassroots perspectives to translate knowledge into action for building a resilient and equitable economy.