MSMES: Engines for sustainable economic growth Arya Nikita Assistant Professor, Department of Commerce, Dyal Singh College, Karnal, Haryana, India. nikitaarya100@gmail.com Online published on 2 April, 2019. Abstract In India, which is one of the fastest growing economies, the status of Micro, Small and Medium Enterprises i.e. MSMEs continue to be an important factor determining the economic health of the nation. India is a home to more than 63 million MSMEs which represents the diversity in the types of businesses that are spread across the length and breadth of the nation. With the manufacturing of more than 6000 products, MSMEs are in almost all sectors of the industry. In addition to this direct engagement in industrial sector, MSMEs also contribute to essential back-end operations which are necessary for promoting industry and accounting for the large number of employment generation. This sector provides the maximum employment after agriculture. This paper is a descriptive and analytical study of the present status of MSMEs in India with special focus on its role in removing regional disparities, employment generation, contribution to country's GDP and exports. The paper also throws light on the various initiatives taken by the government with special focus on the Union Budget of 2019 for greater synergy to MSME sector. Top Keywords MSMEs, GDP, employment, growth, performance, policy, equitable development, government initiatives. Top |