Micro, Small and Medium Enterprises (MSMESs) in Emerging India

Micro, small, and medium enterprises (MSMEs) are the backbone of India's industrial economy. MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries, but also help in industrialization of rural and backward areas, thereby reducing regional imbalances and assuring more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units and contribute enormously to the socio-economic development of the country. The sector contributes significantly to manufacturing output, employment, and exports. But MSMEs also face a number of problems which have resulted in hampered growth. Inadequate working capital, lack of information to access domestic and international markets, shortage of trained personnel, and obsolete technology are the major barriers to the growth of MSMEs in India. In the post-WTO agenda, domestic markets have been opened up for imports, creating severe competition for the local industries. At the same time, it has created opportunities for small industries to tap global markets. The book analyzes how the growth of the MSMEs sector must be a central focus of India's manufacturing strategy. The present volume contains 13 scholarly papers, authored by experts in the field, which provide an analytical account of the functioning of MSMEs in India. [Subject: Business & Economics, India Studies, Trade]