An Overview of the Role of Small and Medium-Scale Enterprises (SMEs) in the Indian Economy

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Ms. G. Karuna Sri

An Overview of the Role of Small and Medium-Scale Enterprises (SMEs) in the Indian Economy

Authors: Ms. G. Karuna Sri

Unique Paper ID: 182598
Volume: 9
Issue: 3
PageNo: 969-976

Keywords: SMEs Indian Economy GDP Contribution Employment Generation Financial Accessibility Digital Transformation Skill Development Government Policies MUDRA Yojana CGTMSE Digital MSME Scheme Regulatory Bottlenecks Market Competition Technological Advancements Sustainable Business Strategies Innovation Policy Interventions.

Abstract:
Small and Medium-scale Enterprises (SMEs) play a crucial role in the Indian economy, contributing significantly to GDP, employment generation, and exports. This study explores the multifaceted impact of SMEs, analyzing their contributions, challenges, and the role of government policies in fostering their growth. SMEs are vital in promoting regional development, reducing economic disparities, and enhancing entrepreneurship, particularly in rural and semi-urban areas. Despite their significance, SMEs face several constraints, including limited access to finance, outdated technology, regulatory bottlenecks, and intense market competition. The research highlights the need for improved financial accessibility, digital transformation, and skill development to enhance SME competitiveness. Government initiatives, such as the MUDRA Yojana, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the Digital MSME Scheme, have been instrumental in addressing some of these challenges. However, procedural inefficiencies and awareness gaps hinder their full potential. The study also examines the future prospects of SMEs, emphasizing the impact of technological advancements, emerging high-growth sectors, and sustainable business strategies. Policy recommendations include simplifying regulatory frameworks, enhancing financial support mechanisms, fostering innovation, and addressing labour and skill shortages. Strengthening SMEs through targeted policy interventions and strategic investments will be critical for sustaining India's economic growth in a competitive global market.

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Cite This Article

ISSN: 2349-6002
Volume: 9
Issue: 3
PageNo: 969-976

An Overview of the Role of Small and Medium-Scale Enterprises (SMEs) in the Indian Economy

Available:https://ijirt.org/Article?manuscript=182598

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