ROLE OF MSME SECTOR TOWARDS EMPLOYMENT GENERATION IN INDIA: A CASE STUDY OF JHARKHAND

MSME has a huge impact on job creation, economic growth, and poverty alleviation through employment generation, the Micro, Small, and Medium Enterprises (MSME) sector is crucial for Indian economy considering the massive youth population ready for employment and requirement of less capital for investment. This sector is quite diverse consisting of group of businesses, including various microenterprises, along with small businesses, and medium-sized businesses. This provides the ingredient for advancing inclusive development, entrepreneurship, and innovation in the economy. It is ready to face the challenge of low capital and high labour intensive techniques available in India. The last decade, MSMEs in Jharkhand have also witnessed significant strides toward industrialization. About 15.90 lakh industrial units (15.79 micro scale and 0.11 small and medium sizes) with a total investment of Rs 3089.20 crores and 64530 people have been set up and identified by the Department of Industries in the state. This study aims to highlight the significance of MSME for policymakers, researchers, and stakeholders interested in promoting the growth and development and looking for an answer to the problem of unemployment and poverty in Jharkhand by analysing the existing state of the industry and investigating its potential for creating jobs. The outcome of this study can help in formulating evidence-based policy choices and programmes that encourage equitable economic growth and lower the nation's unemployment rate and deal with the problem of poverty. According to the Ministry of MSME 2023, this industry employs more than 110 million people after agriculture. Hence it is evident that MSME sector is essential for job creation in both rural and semi-urban areas where the agricultural sector fails to ensure the job security throughout the year.