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What is MSME

Chapter 25

Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector

The MSMED Act, 2006 defines the Micro, Small and Medium Enterprises based on the investment in plant and machinery for those engaged in manufacturing or production, processing or preservation of goods and on the investment in equipment for enterprises engaged in providing or rendering of Services.

Published in Chapter:

Innovative Financing and its Implications on MSME Sector in India

Raj Kumar (Banaras Hindu University, India) and Abhijeet Biswas (Banaras Hindu University, India)

Source Title: Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector

DOI: 10.4018/978-1-5225-0143-5.ch025

Abstract

Micro, Small and Medium Enterprises' (MSMEs) contribution in the development of world economy has been significant, both in terms of contribution to GDP and creation of employment opportunities. The present paper attempts to identify the role of innovative schemes offered by the banking sector in the upliftment of MSMEs in India. The researchers try to analyze the growth in Bank credit for the MSME sector over the last decade. This paper is based on extensive review of literatures on Banking sector and their contribution in encouraging MSMEs. The review showed that the Bank credit has increased significantly for the MSME sector since the priority sector lending norms were implemented but still there is a significant gap that needs to be fulfilled when it comes to the fulfilment of the credit needs of the MSME sector.