ENVISIONING THE FUTURE OF MSMES IN INDIA: A STUDY OF OPPORTUNITIES AND CHALLENGES IN VISION VIKSIT BHARAT @2047

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in India’s economic growth, contributing significantly to employment, innovation, and industrial output. As India envisions becoming a developed nation by 2047 under Vision Viksit Bharat @2047, the MSME sector is poised for transformative growth. This study explores the future trajectory of MSMEs, examining the opportunities and challenges that will shape their evolution. Key opportunities include digital transformation, financial inclusion, global market integration, and sustainability-driven growth. However, challenges such as regulatory complexities, limited access to capital, skill gaps, and technological adoption barriers remain critical concerns. The research delves into policy frameworks, government initiatives, and strategic interventions necessary to bolster MSMEs in their journey toward global competitiveness. By leveraging innovation, digitalization, and sustainable practices, the sector can significantly contribute to India’s long-term economic vision. This study provides insights for policymakers, industry stakeholders, and entrepreneurs to navigate the MSME landscape effectively, ensuring their integral role in India’s progress toward a developed economy by 2047.