Write a brief note on micro small and medium scale industries in employment generation
Answers
The Micro- Small and Medium Enterprises (MSMEs) are small sized entities, defined in terms of their size of investment. They are contributing significantly to output, employment export etc. in the economy. They perform a critical role in the economy by providing employment to a large number of unskilled and semi-skilled people, contributing to exports, raising manufacturing sector production and extending support to bigger industries by supplying raw material, basic goods, finished parts and components, etc. As per the ‘MSME at a Glance’ Report of the Ministry of MSME s, the sector consists of 36 million units and provides employment to over 80 million persons. The Sector produces more than 6,000 products contributing to about 8% of GDP besides 45% to the total manufacturing output and 40% to the exports from the country.
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Answer:
The MSME sector is considered the backbone of Indian frugality that has contributed mainly to the profitable development of the nation. It generates employment openings and workshops in the development of backward and pastoral areas. India has roughly 6.3 crore MSMEs.
In addition, due to the following features, they're considered a feasible source of income for those looking to venture into the manufacturing assiduity,
- Export Promotion and implicit for Indian products
- Backing – Finance & Subsidies
- Government’s Promotion and Support
- Growth in demand in the domestic request
- lower Capital needed
- Manpower Training
- Project Biographies
- Raw Material and Machinery Procurement
MSMEs contribute to roughly 8 % of India’s GDP, employ over 60 million people, and have an enormous share of 40% in the exports request and 45% in the manufacturing sector. Hence, they're of consummate significance for the overall profitable development of India.
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