A FACTOR ANALYSIS OF MSME GROWTH DRIVERS AND INHIBITORS IN HISAR DISTRICT: POLICY, INFRASTRUCTURE, AND ENTREPRENEURIAL OUTLOOK –AN EMPIRICAL STUDY

The strategic positioning of Micro Small and Medium Enterprises (MSMEs) serves as a fundamental pillar of the Indian economy,accounts for 45% of manufacturing output contributing to 40% of total exports is of considerable significance, with approximately 36 million enterprises employing around 80 million individuals nationwide. However COVID-19 pandemic has had an undeniable impact for a period resulting in an unprecedented decline in revenue ,but also acted as a catalyst for substantial transitions brought up to the more encompassing classification of MSMEs.Haryana's economy has undergone a notable transformation from its agrarian roots to a diversified framework that incorporates manufacturing and service industries.In the past two decades, significant emphasis has been placed on infrastructure development and capital investment increment in sectors such as electronics, electric vehicles, and information technology in order to modernize the industrial landscape, fostering an environment conducive to innovation and competitiveness.Hisar district,recognized as Hisar-e-Firoza,is distinguished not only for its steel production but also for its substantial agricultural potential,particularly in food processing industries.The MSMEs in Hisar district play a pivotal role in the economic fabric of Haryana, significantly contributing to regional economic development and employment generation.This paper presents an analytical study of the MSME sector in Hisar district,aiming to identify the factors that facilitate industrial growth and the challenges encountered by small-scale industries. The research utilizes data obtained from 163 firms across various towns and villages industrial units come under the district, ensuring a comprehensive understanding of the sector's dynamics.Statistical tests has been applied on the collected data to draw meaningful conclusions regarding the factors driving towards growth and others bringing up challenges to MSMEs in the district. It inculcates an assessment of the policy framework that pertains to infrastructure development and the promotion of entrepreneurial growth. Furthermore, the analysis will delve into specific challenges faced by MSMEs, such as access to finance, regulatory hurdles, and market competition, particularly in the wake of evolving economic conditions.Addressing these challenges is imperative for enhancing the resilience and sustainability of MSMEs,which are often at the forefront of innovation and job creation. By providing targeted recommendations aimed at policy improvements and support mechanisms, this study aspires to foster a more conducive environment for MSME growth also it serve as a foundation for future strategies to bolster the competitiveness and sustainability of this vital sector.