Question

Please read passage and the answer the following questions ( Q no 27 to 30) based on the passage. Promoting Micro, Small, and Medium Enterprises (MSMEs) in India is vital for the country's economic growth, job creation, and social development. MSMEs play a significant role in the Indian economy, contributing approximately 30% to the Gross Domestic Product (GDP) and accounting for nearly 50% of total exports. They are essential in fostering innovation, entrepreneurship, and inclusive growth, making them a cornerstone of India's economic landscape. The importance of promoting MSMEs can be understood through various dimensions, including economic development, job creation, innovation, regional development, and social inclusion. MSMEs are crucial for driving economic development in India. By contributing significantly to GDP, they help stimulate overall economic growth. The diverse range of products and services offered by MSMEs not only caters to domestic demand but also enhances India’s export capabilities. Promoting these enterprises helps in diversifying the economy, reducing dependency on large corporations, and creating a more resilient economic structure. Additionally, a thriving MSME sector attracts investment and fosters competition, leading to improved efficiency and productivity across industries. MSMEs are one of the largest sources of employment in India, providing jobs to millions of people, especially in rural and semi-urban areas. They have the potential to create a significant number of jobs relative to their size, making them essential for addressing unemployment and underemployment in the country. By promoting MSMEs, the government can create sustainable job opportunities, enhancing livelihoods and contributing to poverty alleviation. The growth of this sector not only helps absorb the large workforce entering the job market but also provides alternative employment opportunities for those in the informal sector.