Examining Contribution of Micro, Small and Medium Enterprises in Sustainable Development of India: Prospects and Challenges

AUTHOR
Nirmal Singh *
D. D. Chaturvedi **
Saumya Chaturvedi ***

KEYWORDS
MSMEs, GDP, Growth, Economic Development, Green Jobs, Sustainable Development Goals

ABSTRACT
The MSMEs units are essential to initiate the process of sustainable development of the economy. They contribute a vital base in stimulating investment especially in newly emerging countries as they synchronize economic activities and create productive employment opportunities thus remarkably hand out in eliminating poverty. After agriculture, MSMEs sector absorbs the largest chunk of Indian workforce. Its domain in India has been evolved as a most unique and vigorous sector of the country. MSM Enterprises, not only contribute pivotal share in creating abundant job opportunities by infusing small assets in comparison to giant size enterprises rather assist to enhance non-farm segment by enlarging industrial development process in semi urban areas. To be precise, this sector works as a device of comprehensive growth, revitalising the deprived economically weaker persons in the society. The major objective of the present study is to investigate the magnification performance of MSMEs segment, their significant hand out in GDP growth, boosting job opportunities and exports from India. In order to examine the impact of MSMEs growth on the sustainable development process and to observe the hand out of MSMEs units in generating environment friendly employment opportunities in India, secondary data have been obtained from different government reports. It has been concluded that there is a vigorous contribution of MSME units in GDP growth, generating productive employment opportunities, boosting total exports, achieving Sustainable Development Goals and clean environment preserving development which act as health tonic of the economy.