The Micro, Small, and Medium Enterprises generally would be the main method to obtain economic development in many countries. The MSMEs provide higher employment and major share of business production and exports is owned by them. Coming to India, MSMEs play an incredibly crucial role inside overall industrial progression of the nation. MSMEs, despite being the most important contributors for the Indian economy, they still are still facing some challenges which are resisting their growth.
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Milagrow World SME Conference 2009 stated that this MSME sector is the second largest contributor when it comes to GDP following the agriculture sector inside Indian economy. With the MSME's huge contribution, India has achieved 7.98 percent GDP growth despite the slowdown. According to Associated Chambers of Commerce and Industry of India (ASSOCHAM), small, and medium enterprises (SMEs) are required to contribute 22 percent to India's GDP by 2012 up from current about 17 per cent.
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