Performance of MSME Sector in India: a Step Towards Make in India

Abstract

"Make in India" the new national program introduced by the Government of India is aimed towards making India self sufficient and competitive in the global markets. The basic aims of the Make in India program involves facilitating investment, fostering innovation, enhancing skill development, protecting intellectual property and building best-in-class infrastructure. The small scale sector is proven to be the backbone of industrial development in the economy. The role of the small scale sector is very significant in the economic development of the country. Whether it is manufacturing or service industry, the M icro, Small and Medium Enterprises (MSME) sector in India plays a pioneer role in supporting the economic and social development of the country. The MSME sector of late can be termed as the arena of innovation and creativity for promoting entrepreneurship development in India. This paper tries to elaborate the role of MSME sector in the economic development in India and conducts the study to track the sector's performance and growth. This paper uses the available secondary data sources for collecting information necessary to conduct an empirical research for the study, and analyses the MSME sector, its performance, contributions and growth in India to assess whether this sector will contribute its share to reach the Vision of Make in India.