This paper explores the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in the economic development of India. MSMEs are essential drivers of economic growth, job creation, and innovation. Despite their significant contributions, these enterprises face various challenges that impede their potential. This study employs empirical analysis to examine the role of MSMEs, identify key challenges, explore emerging opportunities, and provide policy recommendations to enhance their impact on India's development. The paper integrates mathematical formulations to quantify the contributions and challenges faced by MSMEs, supported by data-driven insights.
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Raghvendra et al. (2024) studied this question.
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