MSME its function and alternative for ladies entrepreneurs
From 2006, the Indian government introduced the Agreement Act with the Micro, Small and Medium-Sized Enterprise MSME Development Act. These companies deal with the production, manufacture, preservation and processing of goods and everyday objects.
Along with agriculture, they are considered to be the backbone of the country. As they play an important role in countries’ exports, production output and contribution to the country’s GDP.
MSME explores its role in the Indian economy and opportunities for women entrepreneurs
These micro, small and medium-sized enterprises create many job opportunities, helping to bridge the gap between the poor and the unemployed, and rural areas would also be opened up through the job opportunities of MSMEs.
The low cost of capital in these industries has helped these areas when compared to large-scale industries. Like the large sector, these MSME companies play an important role in the country’s economy and lead to socio-economic development.
These MSME would deal with the production for both the national and the international market. Thus, rural development is one of the greatest achievements of these companies as they have worked with various state governments and ministries.
MSMEs and their importance for our economy
MSME is widely considered to be the greatest driver of economic growth in the world and acceptable avenues for development because it has the highest rates of growth.
According to Google records:
These MSMEs employ around 120 million people, which is the second largest employment factor alongside agriculture. This is largely because the investment criteria for company formation, the use of local technology available when developing it, and the flexibility of operation are some of the main reasons that MSMEs are so important in the Indian economy.
According to the reports, these micro, small and medium-sized enterprises contribute around 1/3 of the country’s GDP. From the manufacturing sector it is approx. 6.11% and 24.63 from the activities of the service from the MSME.
As our Indian economy is on the way to becoming a $ 5 trillion economy, MSMEs aim for 50% GDP.
These companies specifically promote holistic development from rural areas or the weaker social classes. And they also offer specific courses to encourage development and employment opportunities.
MSME explores its role in the Indian economy and opportunities for women entrepreneurs
MSMEs and business opportunities for women entrepreneurs:
Isn’t it amazing to see so many women ready to run their businesses and move forward with so much confidence?
Here are a few business opportunities and ideas that come to mind:
- Salons and boutique
- travel
- Handicrafts
- Art studios
- Agriculture
- to bake
After the pandemic hit us, the Indian government is encouraging more MSME units to emerge and focus more on empowering women and entrepreneurs to take over different businesses and contribute to the economy.
It’s always good to try different things and be confident and independent when starting a business. This is the right time to start a business with the many benefits of MSME in mind.
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This blog post is also part of CauseACatter by BlogChatter
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