Personal Sector: A Solution for Speedy and Effective Economic Development in India

The purpose of this paper is to understand and learn about small scale/ household business which is termed as personal sector and its background and study the role in effective economic development in India. Based on the review of the literature, the paper identifies the concept, role, major challenges and trend in personal sector then the concept is discussed in relation with economic development. suggested implications include a more significant emphasis on considering and dealing with the challenges of personal sector, considering all the factors influencing the implementation of policies for attaining speedy and effective economic development through growth in personal sector. The paper evaluates the findings of literature, clarifies the main challenges of personal sector and its contribution towards economic development. giving scope of formulating policies to deal with the challenges and changes and provide basic framework for further studies and analysis.