An Overview of MSME Sector in India with Special Reference to the State of Uttarakhand

MSMEs, considered as "Engines of Growth" are crucial for the economy of developing countries like India due to its potential of creating vast employment opportunities. This Sector has caught the attention of policy makers as it is labour intensive and has the potential of reducing the problem of regional imbalances, ensure financial independence of rural people and assist in sustainable development. The Micro, Small and Medium Enterprises in India is being largely viewed as vital to the economic growth of the country in the 21st century. The present paper will focus on existing scenario and trends of MSME in India. This paper studies the current status of MSME sector in India, its performance, various initiatives taken by the government to accelerate the growth of this sector, as well as the problems faced by the MSMEs in Indian economy. Additionally, this paper dedicates one section to the MSMEs sector in the state of Uttarakhand. The State of Uttarakhand is facing the dire problem of intense migration of people from the hilly terrain particularly due to lack of employment opportunities in the rural areas of Uttarakhand and Uttarakhand badly needs sustainable and inclusive industrial growth of all sub regions of the state. Hence, this paper also analyses the status of MSMEs in the state of Uttarakhand and outlines the problems faced and also recommends the measures that should be taken to promote this sector. The study is a review which was conducted with the help of secondary data retrieved from MSME Annual Reports, other government reports, newspapers and research papers. Simranjeet Kaur Virk | Pinnacci Negi "An Overview of MSME Sector in India with Special Reference to the State of Uttarakhand" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21520.pdf