Government initiatives and digital Innovation for Atma Nirbhar MSMEs/SMEs: To Achieve Sustainable and Inclusive Economic Growth

Abstract

Purpose: The Government Schemes and policies along with Digital innovation are accelerating the growth and opportunities for MSMEs for inclusive economic growth and Sustainability through Entrepreneurship for transforming MSMEs/SMEs both in rural areas and urban areas, the innovations are catalysts for social, and economic development with associations such as NITI Aayag, FICCI, CII, ONDC, OCEN, NDEAR NPCI-peer to peer lending. PMMY, ASPIRE, the Pharmaceutical Technology upgradation assistance Scheme (PTUAS), CGSSD-(Credit Guarantee Scheme for Subordinate Debt), Self-reliant India Fund for equity infusion through Fund of Funds (FoF], Skill India, Startup India, Make in India, FDI norms, Ease doing Business(EodB), FinTech Digital lending, Udyam, CLCS - [Credit Linked Capital  Subsidy for technology up-gradation], Mudra, Coir Board, Khadi and  Village Commission, Khadi e-market portal for the vocal to local, E-marketplace(GeM),The New  Logistics Policy, and zero defect and zero effect revision of MSME Classification, PMEGP, Atma-Nirbhar Bharat Abhiyan (ANBA) packages  for The MSME/SME  sector too contributes extensive employment opportunities, industrial production, exports, contributing to GDP, SHGs programmes under the startup village Entrepreneurship Programme (SVEP), PMKVY, National Skill India Mission GST exemption  for SHG with support of NABARD, SIDBI, the backbone for MSMEs in financing Green sectors like renewable energy (RE)  Industries, Health Products, Agriculture and electric vehicles (EVs), Technology Centers(TCs) in  policy framework promotes the sustainable Development  Goals(SDGs), Atma Nirbhar  MSMEs and to  achieve 5 trillion dollar  economy.

Design/ Methodology/Approach: The research is based on secondary data collected from the annual report, Newspaper articles, news, website and published data of the Ministry of MSMEs and both the conceptual and empirical studies have been reviewed.

Findings/Result: This paper analyses economic growth through various schemes such as ECLGS, startup India SAMRIDH, Startup India Seed Fund scheme to SME, MSME, and Atmanibhar Bharat contribution towards MSME and SME. It also focused on the importance of ONDC, OCEN, and NDEA to enhance the productivity, fintech, and smooth functioning of E-Commerce and also create functions and opportunities for a job which leads to uplifting the economy of the country. 

Originality /Value: BDEF approach, i.e., Better customer experience, Decision making, Empowerment and entrepreneurial competence, and Facilitating speedy execution of business processes are the main key factors to achieve MSMEs /SMEs for sustainable and Inclusive Economic Growth.

Social Impact: This research is expected to provide the impact of government Schemes and digital frameworks to build and strengthen the MSMEs for sustainable development, global trend and social changes.

Paper Type: Viewpoint