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IJSP Refereed International Multidesciplinary Bilingual Biannual Open Access Indexed Journal of Social Science And Humanities

MSME-Growth Engine of Employment

Rohit Narayan Singh

Affiliations:

  1. Sr. Manager (Faculty),Union Bank of India, Staff Training Centre, UBI Bhawan, Lucknow, U.P. INDIA

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India is a developing country with a huge junk of young population bearing the burden of unemployment. Government is not in position to give employment through jobs hence it requires boosting the growth of MSME to create job opportunities in large scale to curtail the growth of unemployment. If we ponder considering the present scenario we will find that there is only 7% contribution towards MSME as against 90% or more (approx) from developed countries like Japan and Germany .  The development of the micro, small and medium enterprises (SME) sector is on the priority of Government Agenda.The Mission of the government is to – “Promote growth and development of globally competitive Micro, small and Medium Enterprises, including Khadi, Village and Coir industries, in cooperation with concerned Ministries / Departments, State Governments and other stakeholders by providing support to existing enterprises, encouraging creation of new enterprises with new innovative and creative ideas. 

Keywords:
MSME, Business, Employment, Banking