Role of Micro, Small and Medium Enterprises (MSME) in Indian Economy

Micro, Small and Medium Enterprises (MSME) is considered as the growth engine of every developing economy and is also applicable for India as also the state of West Bengal. Developed countries also developed their economic base by depending on this sector. All over the world more than ninety percent industries are under this sector. Worldwide, contribution of MSME sector are highly considerable in every economic aspects, like contribution towards GDP, employment generation, exports value, value of industrial production, production of different types products and services, removal of regional disparities by uses of local resources and local talent, productions as per real needs of final consumer etc. For this reason all over world they are given a special importance. More over this sector can create more employment opportunity by using less capital compared to large scale sector. This is the specialty of this sector as there is high scarcity of capital in every developing country which has plenty of labors. This sector uses unskilled and skilled labour in their production process or in service providing activities.