Published: 23rd Apr, 2022
The Micro, Small, and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital costs than large industries but also help in the industrialization of rural & backward areas, thereby, reducing regional imbalances, and assuring a more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country.
Ministry of Micro, Small & Medium Enterprises (M/o MSME) envisions a vibrant MSME sector by promoting growth and development of the MSME Sector, providing support to existing enterprises, and encouraging the creation of new enterprises. Several Initiatives have been taken by the Ministry to support the informal sector by providing financial, technical, and other developmental support.
GS SCORE’s Good Practices on ‘MSME - Credit Support Initiatives’ covers a range of financial support schemes and programs related to supporting the growth and development of Indian Micro, Small, and Medium Enterprises. This document encompasses information on the basic aspects of the initiatives such as their need, features, current performance, and suggestions for improvement. This will be helpful for aspirants in preparing the MSME-related government schemes and initiatives holistically. It is important with the point of view of UPSC Civil Services Preliminary as well as Mains Examination.
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