MSME-The growth accelerator of India economy

Micro, Small, and Medium Enterprises (MSMEs) have become a crucial catalyst for India’s economic development. MSMEs are categorized based on investment in plant & machinery/equipment and annual turnover, which significantly contribute to India's Gross Domestic Product (GDP), employment generation, and export potential. The paper analyzes the crucial position of MSMEs in the economic development of India, evaluates the challenges they face, and investigates the regulatory framework that underpins this sector. This research paper has been prepared using a diverse range of credible sources, including academic journals, government websites, industry reports, news articles and historical records. These sources have provided comprehensive insights and data essential for the study. The paper subsequently analyzes the potential of MSMEs within the evolving economic landscape of India, offering recommendations to mitigate challenges and enhance global competitiveness.