Fostering Entrepreneurship and MSME Growth in Emerging Economies with special reference to India

Abstract

Micro, small, and medium enterprises (MSMEs) have been universally considered the major types of business and are regarded as crucial to any nation’s economic growth and development, especially for developing countries. It is fundamental to understand that these enterprises are central to enabling innovation, and advancing exclusive economic development through ample opportunities. However, due to various challenging factors emanating from their environment, MSMEs in developing countries are strangled.

Entrepreneurship and the development of Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in driving economic growth, fostering innovation, and creating employment in emerging economies. In the context of India, these sectors contribute significantly to GDP, exports, and inclusive development. This study examines the dynamics of entrepreneurship and MSME growth in emerging economies, with a particular focus on India’s strategies, challenges, and opportunities. This research explores how targeted policy interventions, access to digital tools, and enhanced market linkages can accelerate the growth of MSMEs in India. It highlights successful case studies where innovative practices and public-private partnerships have enabled MSMEs to scale operations and expand market reach. Additionally, the study discusses the role of entrepreneurship in addressing social and environmental challenges, emphasizing the importance of sustainable business models. By analyzing India’s unique context, this research aims to provide insights into replicable strategies for fostering entrepreneurship and MSME development in other emerging economies, underscoring their potential to drive inclusive and sustainable growth in the global landscape.