2024, Vol. 6, Special Issue 6, Part C

Micro, Small and Medium Enterprises (MSMEs) can be defined on the basis of a number of persons employed in business, capital invested and turnover of business. MSMEs play a significant role in the economic development of developing countries as in India. It contributing significantly to GDP growth and industrial output by manufacturing a diverse range of products, balance development of country by eliminating monopoly, job creation and local development especially in rural and semi-urban areas, exports by manufacturing high-quality products, skill enhancement and innovation by providing a platform and maximum utilisation of resources by using simple technologies and local available resources. This abstract delves into the miscellaneous role of MSMEs in driving economic development, highlighting their importance as engines of innovation, regional development and inclusivity. Through their agility, adaptability and resilience, MSMEs have emerged as key players in fostering technological advancement, fostering entrepreneurship, fostering globalization and promoting sustainable development. This paper examines the challenges faced by MSMEs, such as access to finance, raw material, quality, marketing, technology, competition, access to global market, capacity utilisation and skilled manpower, and explores policy interventions aimed at enhancing their competitiveness and facilitating their integration into global value chains. This paper also explains major role of Intellectual Property Rights in the development of global economy. Recognizing their significance, policymakers and stakeholders must continue to support and nurture the MSME sector. This paper discusses initiatives taken by the government in the field of MSME for the socio-economic development of our country and also describes the current position of our country.