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Innovation the Key to Success: A Literature Review on Indian MSME’s
MSMEs (Micro Small Medium Enterprises) play a very critical role through its contribution towards the economic development of any country and thereby it determines the major economic indicators for a developing nation as such. MSMEs role has been clearly understood as the pillars of our growing economy. MSMEs are flexible with respect to the changes as and when needed by the market and also produce good value added products/services. The MSME sector plays a vital role in the growth of our country. It contributes almost 40% of the gross industrial value added in the Indian economy. It has been estimated that a million rupees of investment in fixed assets in the small scale sector produces 4.62 million worth of goods or services with an approximate value addition of ten percentage points. Since from the inception of five years plan, small sectors have been well promoted and also they have shown a rapid growth rate. As for as manufacturing sectors are considered, its numbers are rapidly increasing over the years since 80’s. When we see the growth of MSMEs, it still needs to be tapped effectively in order to get the advantage to the fullest. This paper would study the role of MSMEs in Indian Economy and its impact on the economic development of India as a whole and also how Innovation will be able to contribute for the Indian MSMEs performance.
Economic Growth, Innovation, MSMEs, Manufacturing Firm
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