What is Micro, small and medium enterprises (MSMEs)
The details about Micro, small and medium enterprises (MSMEs) and Employment Generation in MSME Sector are explained here.
MSMEs and Employment Generation
Micro, small and medium enterprises (MSMEs) in India and abroad have demonstrated considerable strength and resilience in maintaining a consistent rate of growth and employment generation during the global recession and economic slowdown. Indian economy during the recent years has shown an appreciable growth performance by contributing to creation of livelihood opportunities to millions of people, in enhancing the export potential and in increasing the overall economic growth of the country. Prompt and appropriate fiscal stimulus, effective monetary policy and huge capital inflows were greatly instrumental in the bounce back situation of the economy. As a catalyst for socio-economic transformation of the country, the MSME sector is extremely crucial in addressing the national objectives of bridging the rural-urban divide, reducing poverty and generating employment to the teeming millions. It is therefore, essential that India adopts a suitable policy frame work that provides the required impetus to seize the opportunities and create an enabling business environment in order to keep the momentum of growth and holistic development. It is equally important that the MSME sector must address the infrastructural deficiencies and is well empowered to meet the emerging challenges for its sustainable growth and survival in a globally competitive order.
Employment Generation in MSME Sector
As per the revised methodology suggested by Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MOSPI), on the basis of the data on Gross Domestic Product (GDP) published by CSO, MOSPI and final results of the latest Census (Fourth Census), conducted (with base reference year 2006-07), wherein the data was collected till 2009 and results published in 2011-12, the estimated contribution of Micro, Small and Medium Enterprises (MSME) sector (including service segment) to GDP during 2010-11, 2011-12 & 2012-13 are 36.69%, 37.97% & 37.54% respectively.
The Government monitors the employment in the MSME sector in the country by conducting All India Census of the sector, periodically. As per the latest Census (Fourth Census), conducted (with base reference year 2006-07), wherein the data was collected till 2009 and results published in 2011-12, as well as data extracted from Economic Census 2005 conducted by CSO, MoSPI, for activities excluded from Fourth Census, namely wholesale/retail trade, legal, educational & social services, hotel & restaurants, transports and storage & warehousing (except cold storage), the total employment in the MSME sector is 805.24 lakh.
Based on the export data maintained by Director General of Commercial Intelligence & Statistics, Ministry of Commerce and the information available with this Ministry about MSME products having significant export, the share of MSMEs in India’s total export, for the year 2012-13, 2013-14 and 2014-15, has been estimated as 43.00%, 42.38% and 44.70% respectively.
The information on Micro, small and medium enterprises (MSMEs) and Employment Generation in MSME Sector is detailed above. Comment below your thoughts on Micro, small and medium enterprises (MSMEs) and Employment Generation in MSME Sector
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