Micro, Small and Medium Enterprises (MSMEs) constitute a vital pillar of the Indian economy and are widely acknowledged as engines of employment generation, entrepreneurship development, and inclusive growth. As India envisions transforming into a developed nation under the Viksit Bharat 2047 framework, MSMEs are expected to play a decisive role in driving sustainable, technology-enabled, and regionally balanced development. This paper presents a systematic and thematic review of national and international literature on MSMEs, focusing on their developmental role, structural challenges, and emerging opportunities in the Indian context. Drawing upon peer-reviewed journals, government reports, and institutional studies, the review synthesizes existing knowledge across economic, social, digital, and sustainability dimensions. The findings indicate that while MSMEs have strong potential to contribute to India’s long-term development agenda, persistent challenges related to finance, technology, skills, and market integration limit their growth. The paper concludes by identifying research gaps and proposing directions for policy and academic inquiry to strengthen MSMEs as key contributors to Viksit Bharat 2047.
Ms. A. Sarlin Venotha (Sat,) studied this question.