Analyzing the Development of Micro, Small, and Medium Enterprises (MSMEs) in Jharkhand: A Comparative Study of Government Initiatives

Abstract

(MSMEs) serve as a crucial driver of economic advancement across nations. These enterprises significantly contribute to job creation, accommodating both skilled and unskilled labour forces. MSMEs play a critical role in creating jobs, promoting economic growth, and promoting industrial development in developing countries. In India, the MSME sector accounts for nearly 30% of the national GDP, 45 % of the industrial output, and 40% of overall exports, is highlighting its vital role in the nation's economic framework (MSME, 2022). The government aims to increase its share to 50% in national GDP by the year 2025. Employing a mixed-methods design, the study incorporates both qualitative and quantitative research methodologies to gather comprehensive insights. Findings reveal that government interventions have had a favourable effect on the MSME landscape in Jharkhand, with measurable progress in employment levels, revenue growth, and innovation activities. However, the research also identifies persistent challenges, such as inadequate financial access, obsolete infrastructure, and a shortage of skilled manpower.