What are MSMEs?

Micro Small and medium enterprises (MSMEs) are organizations that look after revenue, resources, or various workers under a specific limit. Every nation has its own meaning of what establishes a micro small and medium enterprise (MSME). Certain size standards should be met and every so often the business in which the organization works is considered also. 


In spite of the fact that little in size, micro small and medium enterprises (MSMEs) has a significant part in the economy. They outnumber huge firms impressively, utilize immense number of individuals for employment, and are usually entrepreneurial in nature, assisting with forming innovation.

Popular posts from this blog

Contribution of the Micro, Small and Medium Enterprises in the Indian economy

Image
·        At present, nearly 36.1 million units of Micro, Small and Medium Enterprises are engaged in production in India. ·        MSMEs offer employment to around 120 million people in India. ·        MSMEs produce more than 6000 products in total production of the country. ·        They  contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities. ·        MSMEs manufactures nearly 45℅ of the total output of the country. ·        They  are responsible for a 40% share of total export of India. ·        It boosts the lending activities of banks by 16%. ·        This sector has invariably grown at an average rate of 10% annually. ·        It contributes about 8%  to the country's GDP. ·        According to the study done by the Confederation of Indian Industries (CII), the MSME's contribution will be around 50% in the India's GDP by 2024.  
Read more

Analysis of CSR practices in MSMEs sector

At one extreme CSR activities by MSMEs has been considered as an additional profit-making activities and, at the other extreme, involvement in CSR with community stakeholders, has been comprehended as an entirely altruistic activity. But the criticism is outweighed as it drives the people towards growth and development. But the lessons and strategies of CSR cannot be completely switched to MSMEs. Many of the problems underlying calls for CSR do not pertain to MSMEs, which lack the power dictate standards, or move across national boundaries. At the same time, many MSMEs already exercise some sort of ‘silent social responsibility’. MSMEs can play a big role in helping the society by boosting their CSR initiatives. CSR helps to build and expand entrepreneurial foundation of the nation by aiding the enterprises through supply of raw materials and a range of factors required for production or manufacturing. CSR activities help in the development and expansion of MSMEs in India. Thus
Read more