Topic: changes in industrial policy and their effects on industrial growth.
5. The micro, small and medium enterprises (MSMEs) are indispensable to economic and social development of the country. MSME sector is required to be empowered to face the existing challenges for it to be truly a strategic asset for the economy of the country. Examine. (250 words)
Difficulty level: Moderate
Reference: Live Mint
Why the question:
As per the MSME Ministry data, India has approximately 6.3 crore MSMEs. A policy realignment is needed to get the best of them to achieve its aims and objectives.
Key Demand of the question:
To write about contribution of MSME in India’s growth, the issues affecting MSMEs and changes that are needed to Revamp them.
Directive word:
Examine – When asked to ‘Examine’, we must investigate the topic (content words) in detail, inspect it, investigate it and establish the key facts and issues related to the topic in question. While doing so we should explain why these facts and issues are important and their implications.
Structure of the answer:
Introduction:
Begin by giving factual status of proportion of MSME vis-à-vis the population dependent on it also adding the dimension of the demographic demand of India.
Body:
Elaborate upon the importance of MSMEs in socio-economic development of the country. GDP growth, Job creation, exports and entrepreneurship etc.
Mention about the challenges of the MSMEs such as skilling, linkage with the e commerce industries, upgrading of marketing skills and meeting new market needs.
Mention the steps that are needed to address the above issues.
Conclusion:
Conclude by writing a way forward and summarising the overall impact of MSMEs in socio-economic development of India.
