MSMEs are labour intensive, have the advantage of low cost of production and can make good use of locally available resources pushing demand and growth The sector offers wide range of employment opportunities and absorbs most of the working age population
Majorly consists of handlooms, handicrafts, coir, sericulture, khadi and village industries, small scale industries and powerlooms. They are complementary to large industries as ancillary units. Contributes in the inclusive industrial development. They Functions as the backbone by providing the linkage between different units within the economy, connecting the labour skills, intermediate parts and market to the respective specific manufacturing systems.
- Income equality: MSMEs support industrialisation of backward areas and assure more equitable distribution of national income and wealth.
- Employment generation: Produces a wide range of products, from simple consumer goods to high-precision, sophisticated finished products
- Poverty eradication: Addresses unemployment, provides diversified income opportunities to rural masses.
- Balanced regional development: Depends on locally available resources both material and labour and can be set up anywhere in the country.
Hence MSME play a great role in Indian economy and thrust in the development of MSME will help Indian economy to thrive. Their contribution to manufacturing sector and Industrial sector is immense.
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