Development ofMicroenterprises in India: Review of Initiatives and Trends

Abstract

Microenterprise plays a critical role in the economic development of any economy, but particularly in a developing country like India that to undergoing transition from the traditional subsistence to a modern industrial economy. Nowadays, it is increasingly recognized that microenterprise development forms an essential element in the promotion of broad based inclusive growth and sustainable development. It leads to the improvement in the well being of the poor by providing significant income, employment-generating opportunities, and encouraging indigenous investment. Microenterprise development projects can be helpful in poverty reduction, empowerment of women, employment generation and enterprise development as an end in itself. This paper tries to provide an insight from various research studies undertaken in the Indian and International contexts highlighting the significance of microenterprises in sustainable development. The theoretical perspective developed in this paper helps to understand the role of microenterprise development in providing inclusive growth in the society and the economy.