Examining the relationship between quality of life and the expansion of microenterprises into small enterprises
The growth of any region in India is closely linked to the growth of Micro, Small & Medium Enterprises (MSME). The share of MSME gross value added (GVA) in India’s gross domestic product (GDP) was 26.83% in 2020–21. The share of exports of specified MSME-related products in all of India’s exports was 49.35% in 2020–21. MSME is also a major source of employment. However, small and medium enterprises, which contribute significantly to the GDP, exports, and employment, account for less than 1% of MSMEs, while microenterprises comprise the remaining 99%. Manufacturing and service units with a turnover of up to Rs. 5 crores are classified as ‘micro’, while those with a turnover of up to Rs. 50 crore are classified as ‘small’.