MSME, a term which we come across in everyday papers, news and normal life. Did we ever think of going deep into this concept like what it is and why it is given more importance nowadays? Earlier times there weren't any emphasis or even mention of any term like this but now it is becoming more familiar and more stressed upon. Diving deep let us start with its expandable form i.e., Micro, small and Medium Enterprises. From the name itself we can make out these consist of the industries that are categorized into Micro sector, small sector and medium sector of the economy. The classification of the industries hoes down as follows: 1. Manufacturing enterprises: which are engaged in production or manufacture of the goods belonging to any industry. 2. Service enterprises: which are engaged in giving or rendering services and are defined in terms of investments in equipment’s. Almost 45% or more of the economy in India is consist of the MSME. They play a pivotal role in the development as well as providing employment in the rural areas. They can kind of, be termed as the backbone of rural growth and employment. A list of the opportunity I see in front of me for this particular sector is as below: 1. The opening up of the economy has brought along the advantages of globalisation for these industries to develop and offer newer products with technology upgradation than remaining obsolete. 2. NSIC- National Small Industries Corporation conducts trade fairs and competitions for the SSIs- Small Scale Industries bringing them more opportunities to present their talents. 3. Various schemes, subsidies and finance and credit packages have been introduced by the government to boost the industry. 4. For growth of the MSME sector in the country, ten ‘state-of-the-art’ Tool Rooms and Training Centres have been set up to add a competitive advantage for the same. 5. The ministry of the MSME have introduced several programmes to ameliorate the existing skills of the entrepreneurs. Main of such programmes are the entrepreneurship and skill development scheme, Outreach Programme for Skill Development in Less Developed Areas. 6. The exports from this sector have been given a high priority and necessary arrangements have also been made to train the MSME exporters in same. Well as every coin has two sides to it, I also see certain challenges faced by this sector in the present times which are as follows: 1. Lack of literacy in the IT which gives a back hand to many of the entrepreneurs. 2. Complications regarding the formal set up and registration process. 3. MSME are smaller industries exposing them to the global players in the market is an advantage and a threat too. 5. Improper implementation of the schemes and disbursement of subsidies. At present there isn’t much awareness programs or counselling cells that would answer the doubts in the minds of people about the after results of engaging in MSMEs. Moreover, the industry is already facing a tough challenge constantly in its development in the market which already has big industrialists and global players. All it needs is some focus on the weak areas and a lot more support from the government and the people as well to maintain a proper path to the development converting every of its obstacle a stepping stone on the path of the growth of this sector.
