NAVIGATING RESILIENCE: ANALYZING GOVERNMENT POLICIES FOR FOSTERING SUSTAINABLE MSME GROWTH IN INDIA

Abstract

The Micro, Small, and Medium Enterprise (MSME) sector stands as a pivotal pillar within the Indian economy, contributing to 48% of the nation's production output and providing employment to a staggering 110 million individuals. The pervasive impact of the pandemic has inevitably reverberated across the economic landscape, although its full extent remains shrouded in uncertainty. Particularly, the small-scale enterprises that play a crucial role in India's manufacturing and service domains have borne the brunt of this impact. The year 2020 witnessed an unprecedented deceleration in revenue, with the MSME sector grappling with severe challenges in maintaining operational continuity. In response to this crisis, the government took affirmative action aimed at rejuvenating the beleaguered sector, offering targeted support to MSMEs. This concerted intervention proved to be a significant impetus, infusing hope and vitality into these enterprises. Consequently, a comprehensive evaluation of the barriers encountered, a candid exposition of these hurdles, and the formulation of a robust strategy to surmount the pandemic-induced turmoil have become imperative. In light of this exigency, the researcher undertakes a rigorous analytical investigation into the government's policies crafted to ensure the sustainable growth of MSMEs in India. By distilling insights from diverse sources, a holistic understanding of the challenges faced by MSMEs and the efficacy of governmental interventions is pursued.

Keywords

• covid outbreak
• gdp
• msme facilitation
• information dissemination
• essential economic activities
• relief measures and packages