Title: Challenges faced by micro, small and medium enterprises: a systematic review

Authors: Hemendra Singh Bisht; Dilpreet Singh

Addresses: Chitkara Business School, Chitkara University, Punjab, India ' Chitkara Business School, Chitkara University, Punjab, India

Abstract: Micro, small and medium enterprises (MSMEs) play a pivotal role in the growth of the economy but their progress has been marred by problems. Given this premise, the authors attempted to identify the challenges faced by MSMEs in India. An examination of the long-standing literature revealed five categories of challenges namely finance, human resource, market/export, technology/infrastructure, and government. The study recommended measures such as simplification of loan disbursal process, provision to accept alternative arrangements of collateral from MSMEs, up-gradation of skills and knowledge of employees, improvement in productivity and product quality, simplification of labour laws and other statutory requirements, usage of IT tools in the business processes amongst others for sustainable growth of MSMEs in India.

Keywords: micro, small and medium enterprises; MSMEs; challenges; sustainability; economic growth.

DOI: 10.1504/WRSTSD.2020.113046

World Review of Science, Technology and Sustainable Development, 2020 Vol.16 No.3, pp.205 - 220

Received: 20 Jul 2019
Accepted: 30 Dec 2019
Published online: 16 Feb 2021 *

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