Development and Performance of Micro, Small and Medium Enterprises (MSMES) in Kerala

The micro, small, and medium-sized enterprise (MSME) sector has evolved as a dynamic and lively segment of the economy. The Indian economy is predicted to grow at a rate of over 8% per year until 2022, with the potential to overtake the United States as the world's second largest by 2050, and the third largest after China and the United States by 2032. In this backdrop, it is critical to study the role of MSMEs in India's economic progress. Kerala’s economy is evolving into a service economy, with substantial inbound remittance and highly qualified technical human resources. More micro, medium, and small-scale firms will be developed by fortifying skilled people capital and promoting domestic and foreign investments in all areas, advancing the state's overall economic development through job creation and export-oriented business. The purpose of this study is to provide a comprehensive picture of Kerala's Micro, Small, and Medium Enterprises (MSMEs) growth and performance. The study's key findings are that the number of MSMEs in Kerala has more than doubled in terms of units registered, investment, and employment generation.