Paper Details

The Micro, Small, and Medium Enterprises (MSME) sector has emerged as' greatly vibrant and dynamic!' sector of the Indian economy; over the last six decades. It contributes significantly to the economic and social development of the country, by promoting entrepreneurship and generating large employment opportunities at comparatively lower capital cost. This research paper aims to capture the current status of Micro, Small, and Medium Enterprises (MSMEs) in India, focusing on recent trends such as job opportunities in major sectors, challenges faced by MSMEs, and their overall contribution to the Indian economy. This paper is based on the secondary data extracted from various reports and research papers related to MSME and taken from the MSME Annual Reports. The data gathered from the MSME Annual Report 2022-2023 has been taken into consideration. The MSME sector is a significant contributor to GDP, employment generation, total exports, achieving SDGs, and development of MSME which in turn act as the backbone of the Indian economy, Additionally, the paper delves into the crucial role of the MSME sector in the context of globalization, evaluating its capacity to confront challenges arising from increased competition and the necessity for innovative approaches. Given the significant impact of the MSME sector on the country's GDP and employment opportunities, empowering these enterprises is crucial for achieving long-term goals. The anticipated rise in MSMEs, driven by agriculture-based development activities, is expected to further contribute to job generation.

MSME,GDP,Employment Opportunities, Sustainable Development Goals, Economic Development,