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| Jammu & Kashmir’s MSME Sector: A Path to Sustainable Growth | | |  Vinod Chandrashekhar Dixit
The MSME sector in Jammu & Kashmir is showing positive growth, particularly in employment generation and registrations. According to IBEF, Jammu & Kashmir leads in employment generation under the Prime Minister’s Employment Generation Programme (PMEGP). In every developing economy Micro, Small and Medium Enterprises (MSMEs) play a significant role. A growing economy has to be backed by strong MSMEs which not only helps in generating employment and exports but also act as nursery of entrepreneurship and innovation.
Indian economy thrives through the means of enterprise creation as one of the prime movers of the economy. In this direction, “Make in India and Made in India” movement is integral to entrepreneurship development across the country. Therefore, Micro, Small and Medium Enterprises (MSMEs) play a vital role for strengthening the Indian economy.
In order to recognize the vital role that MSME businesses play in economic growth, development, and job creation worldwide. The vital role of MSMEs is in fostering global collaboration, encouraging innovation, and supporting entrepreneurs across sectors. It highlights the need to build stronger networks that empower small businesses to thrive in an increasingly interconnected world. MSME’s are the backbone of India’s economic landscape, pivotal in employment generation, entrepreneurship promotion, and economic development. MSME is the growth engine for the UT of J&K as well as national economy, contributing significantly to the GDP, employment creation and wealth. There is no doubt that the industry-centric policies, provisions of financial assistance, handholding to new and existing enterprises have encouraged MSMEs and other industries in J&K.
The MSME sector in Jammu and Kashmir plays a vital role in the state’s economic landscape. It encompasses a wide range of enterprises, from traditional handicrafts and agriculture-related businesses to modern manufacturing and technology-driven startups. The government’s support through various initiatives, including financial incentives, skill development programs, and access to credit, fosters entrepreneurship and economic development in the region. This sector contributes significantly to job creation and industrial growth, making it a cornerstone of Jammu and Kashmir’s economy.
MSMEs are of great importance in India’s economic development, serving as engines of growth and drivers of socio-economic progress. These enterprises are integral to job creation, particularly in rural and backward areas, contributing significantly to the reduction of unemployment and poverty. MSMEs are a vital component of the global economy, representing approximately 90% of businesses, contributing to over 70% of employment, and accounting for about 50% of the world’s GDP. In emerging economies, formal MSMEs contribute up to 40% of national income (GDP). By understanding the importance of MSMEs and the positive impact their support can have, people are empowered to contribute directly to the growth and sustainability of these businesses, fostering economic diversity, local entrepreneurship, and community development. The MSME sector in India makes a contribution of around 30% to the nation’s GDP. Moreover, it contributes about 40% to the total exports of India and provides more than 110 million job opportunities in the country. The Micro, Small, and Medium Enterprises (MSME) sector in India, formally established by the MSMED Act of 2006, encompasses businesses engaged in manufacturing, processing, or preservation of goods. MSMEs in J & K has served as significant sources of employment, particularly in economically disadvantaged regions. They provide opportunities for both skilled and unskilled labour, thereby contributing to job creation and reducing unemployment rates.
It is to be appreciated that UT of Jammu & Kashmir has taken many such initiatives in form of policy and schemes which are aimed at reducing the cost of doing business, enhance ease of doing business and help MSMEs achieve scale and improve competitiveness. The exploring MSMEs in J & K serve as an opportunity to highlight their significant role in sustainable development and economic progress, thereby raising public awareness of their contributions. |
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