The Department of Micro, Small and Medium-sized Enterprises envisions a progressive MSME sector by promoting growth and development of the sector, including Khadi, Village, and Coir Industries, in collaboration with concerned ministries/departments, state governments, and other stakeholders by supporting existing businesses, introducing cutting-edge technologies and encouraging the creation of new businesses The micro, small and medium-sized enterprise (MSME) sector has evolved over the past five decades into an extremely vibrant and dynamic sector of the Indian economy. It contributes significantly to the country's economic and social development by encouraging entrepreneurship and creating large employment opportunities alongside agriculture at a comparatively lower cost of capital. MSMEs complement large industries as auxiliary units, and this sector contributes significantly to the country's inclusive industrial development. MSMEs extend their domain across economic sectors, producing a diverse range of products and services to meet the demands of domestic and global markets. In general, many of the results and findings of this study agree with the prevailing opinions. The recommendations from the study are expected to have a significant impact on the financial aspect of MSME issues and it is also hoped that these suggestions will help improve entrepreneurial talent overall.
Key words: MSME, problems, prospects, GST.
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