MSMEs – a mainstay for the developing economy

This research paper aims to understand all the factors preventing micro, small and medium enterprises from growing despite their great potential, the possible existence of any internal or domestic differences in the way the entrepreneurs from various Indian communities approach business. The question remains whether there are any external or domestic differences in their entrepreneurial orientations. The work also presents some policy-based suggestions to solve such issues that hinder the magnification potential of MSME units. The MSME units offer jobs to more than seven people. However, they do not grow because of many difficulties discussed in this paper. Due to the lack of opportunities, MSMEs are unable to attract foreign investments. MSMEs can stop the migration of young people coming from rural areas to urban cities if MSMEs get developed. MSMEs represent a high-priority sector of the growing and developing economy. Therefore, we need to focus on this sector to transform developing India into a developed country. This paper is an attempt to analyze the reasons for the difficulties of MSMEs.