EMPOWERING LOCAL ENTERPRISES: THE ROLE OF MSMES IN DRIVING GROWTH, OVERCOMING CHALLENGES, AND SHAPING POLICY IN UTTARAKHAND

MSMEs in Uttarakhand’s perform a very important function toward entrepreneurship, employment generation, and regional industrialization. This is instrumental in accelerating the state economy with the MSME functioning in almost all domains, such as manufacturing, handicrafts, tourism, and other agro-based industries. The present study aims to highlight the contribution of MSMEs in speeding up the economic development, their contribution towards socio-economic development, and the policy initiatives that would provide in streamlining their sustainability and competitiveness. The numerous contributions by MSMEs, just like other states, they are faced with innumerable challenges in Uttarakhand. These include but are by no means restricted to access to formal credit, infrastructures, market access, skill deficiency, and regulatory barriers. Many of these businesses are unable to grow due to a lack of financial literacy, low technological process intervention, and entry into bigger supply chains. Various government schemes like the Prime Minister's Mudra Yojana, Startup India, Make in India, and related state MSME policies have given these entrepreneurs much-needed support.