Paper Contents
Abstract
Abstract: The MSMEs are thought to be the main engine behind the social and economic development of developing countries. A country like India, which has a labor surplus and severe economic and social inequalities, needs this industry since it is labor-intensive. The MSMEs sector promotes entrepreneurship, provides a plethora of employment opportunities, decentralizes industrial activity, and makes it easier to use locally accessible resources at extremely low capital costs. But the bulk of India's economy is concentrated in its rural areas, where the agriculture sector is king. The function of the agricultural sector has grown even while its share of GDP, employment, and the quantity of land owned by marginal and small farmers has declined. The low cost of establishing new industries in both rural and urban locations is facilitated by his industry. An important part of the labor force has been absorbed by the nation's MSME sector. Currently, this industry employs 612.09 lakh people in urban areas (309 lakh units) and 497.73 lakh people in rural areas (324.88 lakh units) across the country. Furthermore, this sector encourages an entrepreneurial mindset among the nation's underprivileged social groups. This study examines the ways in which the MSME sector in India fosters employment and entrepreneurial growth in order to advance social and economic development.Keywords: MSMEs, Economic and Social Development, Employment and Entrepreneurship, cost establishment.
Copyright
Copyright © 2024 Dr.Asha Shivaji Patil. This is an open access article distributed under the Creative Commons Attribution License.
