Paper Contents
Abstract
The MSMEs are regarded as the driving force behind developing nationssocial and economic advancement. This industry requires a lot of work, which makes it essential for a nation like India, which has a labor surplus and significant economic and social inequality. The MSMEs sector fosters entrepreneurship, offers a wealth of job prospects, decentralizes industrial activity, and facilitates the very low capital cost exploitation of locally accessible resources. However, the majority of the Indian economy is centered in rural areas, with the agriculture sector holding a dominant position. Despite the fact that the agricultural sector's contribution to GDP, employment, and the amount of land held by marginal and small farmers has decreased, the sector's function has expanded. His industry contributes to the low cost establishment of new industries in both rural and urban areas. The country's MSME sector has been crucial in absorbing a sizable portion of the labor force. This sector currently employs 497.73 lakh people in rural regions (324.88 lakh units), and 612.09 lakh people in urban areas (309 lakh units), throughout the nation. Additionally, this industry fosters an entrepreneurial spirit among the nation's socially disadvantaged populations. Thus, this study looks at how the MSME sector in India contributes to employment and entrepreneurial development to promote economic and social development.Keywords: MSMEs, Economic and Social Development, Employment and Entrepreneurship, cost establishment.
Copyright
Copyright © 2024 Mr.Bhushan Bapurao Thete. This is an open access article distributed under the Creative Commons Attribution License.
