Purpose:The said research paper proposes list of certain measures to be taken by the government to include and encourage MSMEs in making the mission of ‘Atmanirbhar Bharat’ realistically achievable. In this context, the authorities must address key MSME inputs such as access to financial equity, technical workforce, and building market competitiveness, and so on.
Design / Methodology / Approach: The study is based on secondary information gathered from diverse sources such as published articles, government and other web sites, news, etc.
Findings: Research paper findings indicate that a systematic framework is required to include MSMEs in making the ‘Atmanirbhar Bharat’ a reality. It may be advised that there is need to understand our strengths and accordingly to bring-up and support the industry. There is no point in getting driven by the ‘anti-China’ sentiments. It may be suggested to start with creation of agro-based MSMEs as agriculture is India’s strength and is the largest employment generating industry. Artisans and craftsmen are using natural resources for making their products. Providing training and technology to artisans and craftsmen will definitely enhance their business prospects. Another sector is healthcare which will offer opportunity for MSMEs to provide a range of products and services for the masses. Later other sectors may be thought such as manufacturing (healthcare, consumer electronics, power equipment, to name a few) and lastly technology-based industry such as products and services making use of AI (artificial intelligence).
Originality / Value: This study attempts to offer some of the options that may be considered or implemented in the context of strengthening of MSMEs. With significant contribution from the MSME sector in the country’s GDP and employment generation, their empowerment will certainly help in achieving the vision of ‘Atmanirbhar Bharat’. Agriculture based manufacturing activity will definitely provide boost to MSMEs and will result in employment generation.
Introduction: Changing Face of Indian Economy and the Background
It may be interesting to take a note of the journey embarked by the country from becoming a visionary towards becoming ‘atmanirbhar’. Let us review some of the certain important reforms:
In 1991: Prime Minister Narasimha Rao and Minister of Finance Manmohan Singh, from June 1991 to May 1996 are credited with completing monetary change programs. These developments initiated by the Indian government in 1991 are focused on fast and generous mix of the Indian economy with the worldwide economy in a blended way. Accordingly, the industrial policy in the post reforms period mainly aimed at de-licensing, privatization, FDI promotion and trade liberalisation in the manufacturing sector (Ahluwalia, 2005) .
In 2016: The year 2016 checked 25 years of financial advancement in India. A fourth of a century has since passed, and the economy has seen different ages of changes in various circles of monetary undertaking; some succeeded, while others didn’t. In November 2016, the Government of India announced ‘demonetization policy’ that may have adverse effects on some sectors, but it has helped digital payments to post good growth. (PIB, 2017) .There is an increased acceptance of debit card in the market is observed thereafter.
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