Effect of Globalisation on MSME: Challenges & Implementation of Policies for economic development
Abstract
This research article explores the impact of globalization on Micro, Small, and Medium Enterprises (MSMEs), focusing on the challenges they meet the implementation of policies aimed at fostering their economic development. Globalization has presented MSMEs with both opportunities and challenges, including increased market access and technological advancements, as well as heightened competition and regular complexities. Through a comprehensive review of literature and empirical data, this study examines the effects of globalization on MSMEs, including shifts in market dynamics, supply chains, and consumer preferences. Additionally, it analyses the challenges faced by MSMEs in adapting to globalized markets, limited access to finance, skills shortages, and compliance burdens. Furthermore, the article evaluates the effectiveness of policy interventions, including trade facilitation measures, capacity-building initiatives, and support for innovation and technology adoption, in addressing these challenges and promoting MSME growth within the context of globalization. By supplying insights into the dynamics of globalization and its implications for MSMEs, this research aims to inform policymakers, researchers, and stakeholders involved in fostering MSME development and sustainable economic growth. Over the past fifty years, the Micro, Small, and Medium Enterprises (MSME) sector has evolved into a dynamic and vibrant part of the Indian economy. MSMEs not only significantly contribute to employment generation at a relatively lower capital investment compared to large industries but also facilitate the industrialization of rural and underdeveloped regions. This aids in mitigating regional disparities, ensuring a fairer distribution of national income and wealth. Additionally, the process of globalization, an inevitable aspect of human history, has continually brought the world closer through the exchange of goods, information, employment opportunities, knowledge, and cultural exchange
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