Empowering India’s Growth: Comprehensive Insights into MSME Schemes and Employment Dynamics through Udyam Registration

Abstract

The performance and growth of MSME in the Indian economy over the last five decades is highly progressive. MSMEs sector is the second-largest employment provider in India and more specifically, it has been showing a massive contribution to the nation’s GDP as well. The Government of India has announced different schemes to promote the MSME across the nation to ensure its vision as MSME is the engine of growth and development of the Indian economy. In India, the MSME sector is the pillar of the national economy, nearly 36.1 million enterprises are working in various industries nation-wide on which 120 million people are employing and contribute around 29% to the nation’s GDP. Even though, Indian government provides various packages to stimulate the MSME sector, the growth of this sector has been marred by several challenges and it has been encountered various hurdles to function the organization smoothly.
Thus the present study focuses to understand the schemes and opportunities provided by the Central Government of India and also the study aim to analyse the progression of employment generated by MSMEs registered under the Udyam Registration Portal across various states.