Overview

Fostering Economic Growth Through MSMEs An Engine of Entrepreneurial Development In the contemporary landscape, there is an urgent requirement for entrepreneurial activities to bolster the economy. Micro, small, and medium enterprises (MSMEs) assume a pivotal role in nurturing entrepreneurial development, thus fostering economic growth. They serve as the breeding ground for emerging entrepreneurs and play a significant part in the industrialization of developing nations. This growth and development of MSMEs are underpinned by various factors, for which the Government of India has implemented a multitude of schemes, policies, and programs under its planned economy. Contribution to Economic Advancement The development of MSMEs contributes to economic advancement in several ways. It swiftly generates employment opportunities with relatively modest capital and investment requirements, thereby promoting a more equitable distribution of national income. Furthermore, it facilitates the efficient mobilization of untapped capital and human skills, leading to the dispersion of manufacturing activities across the nation. This dispersion, in turn, fuels the growth of villages, small towns, and economically disadvantaged regions, thus advancing regional development. MSMEs stimulate economic activity and play a pivotal role in achieving the economic development objectives of a nation. Particularly, in underdeveloped regions, the decentralization of the industrial structure to address regional economic imbalances is a key aim, and MSMEs serve as a cornerstone in achieving this goal. Literature Review Sapam (1995) narrated in her study that the development of small-scale and household industries serves as the cornerstone for urbanization and modernization of underdeveloped economies, generating new employment opportunities and contributing to economic development by accelerating national income growth.

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