Initiatives by Indian government to develop micro, small & medium enterprises
The Indian government merged the Ministry of Small Scale Industries, Agro, Rural Industries into one Ministry called Micro Small and Medium Enterprises (MSMEs). There are many schemes initiated by the government but still there exist many problems that are faced by this sector. Most of the studies found that less than 10% of the MSMEs are able to access finance from financial institutions. Hence government in order to promote these organisations have started and initiated many schemes like: Procurement Preference Policy, providing access to easy credit policy, Coir Vikas Yojana, SFURTI scheme, ASPIRE scheme, TREAD for women empowerment, Pradhan Mantri MUDRA Yojana, reduced tax rates for micro, small and medium enterprises. Sustainable Development is need of the hour which demands that the industries and corporates carry on their production process without harming the environment. The paper also talks about the sustainable development and MSMEs which shows that this sector has a potential to grow the economy sustainably and contribute to the economic welfare.