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In both developing and developed nations, micro, small, and medium enterprises are an essential engine of economic expansion, employment creation, and export promotion. Despite their relatively small scale, MSMEs contribute significantly to national Gross Domestic Product create diverse job opportunities, and enhance regional and global economic integration. MSMEs play a crucial role in maintaining economic resilience in India, contributing significantly to exports, employing over 20 million people, and contributing nearly 30% of GDP. This paper examines the multifaceted contributions of MSMEs to economic development, highlighting their capacity to foster entrepreneurship, empower
marginalized communities, and drive innovation. Additionally, it investigates the obstacles these businesses face, such as financial constraints, technological limitations, and regulatory obstacles. Furthermore, the study emphasizes the importance of government policies, digital transformation, and skill development initiatives in enhancing MSME productivity and sustainability. This paper demonstrates the significance of MSMEs in fostering opportunities
for inclusive growth and strengthening the economic framework as a whole by examining their effects on the economy, society, and trade. The findings aim to provide insights for policymakers, business leaders, and researchers on leveraging MSMEs to fuel long-term economic growth and employment.