Government of India has a challenging ambition of becoming a US $ 5 Trillion Economy in next 5 years. Therefore, Indian economy must grow at faster pace to achieve this target. MSME sector in India is key driver of our economy. MSMEs contribute approx. 1/3rd of our GDP and therefore, MSMEs need to grow at much faster speed to supplement the GDP growth. Keeping in view of the same, Government of India in the past had introduced many schemes to support the development of MSMEs. In order to fuel the growth of MSMEs, Government has been introducing various new schemes, IT initiatives and various promotional and awareness programs to encourage entrepreneurship, to promote manufacturing and service sector of MSMEs. Many schemes of Government are helping MSMEs directly or indirectly to achieve new scales of growth, quality of production and services to enable them gain competitive advantage. However, still our MSME sector is lagging behind many global firms due to lack of adequate technological and supporting infrastructure. Some of the micro enterprises are not able to take full benefits of Government initiatives. The present research paper is an effort to study the various Government schemes for MSME development and also to study and analyze awareness among MSME owners for these schemes. This research paper is also an effort to find out the results of Government schemes and to suggest further required actions to achieve desired results.
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Keywords: MSME, Economy, Initiatives, Globalization, Direct Benefits, Rehabilitation.
