Importance of MSME Sector in India

India has got tremendous scope for investors and entrepreneurs as far as business opportunities are concerned. The sector is characterized by low investment requirement, operational flexibility, location wise mobility, and import substitution In India, the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 is the first single comprehensive legislation covering all the three segments.

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The Micro Small and Medium enterprises (MSMEs) have been accepted as the engine of economic growth and play an important role in the equitable economic development of country.

It is the second largest employer of human resources after agriculture, providing employment to around 42 million people & create one million jobs every year in the rural and urban areas of the country.

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The SME business opportunity in India can be seen in possibly every sector like financial services, telecom, education, automobiles, media, food, real estate and so on. This makes India a hub for best small business opportunity in various segments

Over the years, the small scale sector in India has progressed from the production of simple consumer goods to the manufacture of many sophisticated products like electronics control systems, micro wave components, electro medical equipments, etc.

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It also produces more than 8000 quality products for the Indian and international markets. As a result, MSMEs are today exposed to greater opportunities for expansion and diversification across the sectors. High contribution to domestic production.

Capacities to develop appropriate indigenous technology.

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They are a major source of entrepreneurial skills, innovation .