Problems And Prospects Of Micro, Small And Medium Enterprises (Msmes) In Kerala State –An Overview

Abstract

Micro, Small, and Medium-Sized Enterprises (MSME) constitute the backbone of the Indian industry. Their contribution to the country's economic transformation is enormous, as they not only generate job opportunities but also inspire unskilled laborers to pursue entrepreneurship. Both rural and urban areas have seen its spread. In India, MSMEs employ nearly 45% of the labor force. The MSME sector in India is very diverse, with a wide range of product offerings, staffing sizes, and technological advancements. It contributes to the development of rural and underdeveloped areas, reduces regional disparities, and ensures a more equitable distribution of national wealth and revenue. MSME play a major role in the nation's socioeconomic development. MSME produces over 8,000 different products. Despite making significant contributions to the expansion of industry, MSME internal operations still lag behind those of other developed industries.