Need of Financial Sustainability in the Service Sector Msmes of India
Mrugakshi Rajhans1, Sakshi Borde2
1Dr. Mrugakshi Rajhansa, Faculty BBA, Brihan Maharashtra College of Commerce College, Pune (Maharashtra), India.
2Sakshi Borade, BBA, Brihan Maharashtra College of Commerce College, Pune (Maharashtra), India.
Manuscript received on 12 February 2020 | Revised Manuscript received on 28 February 2020 | Manuscript Published on 10 March 2020 | PP: 106-112 | Volume-9 Issue-4S March 2020 | Retrieval Number: D10130394S20/2020©BEIESP | DOI: 10.35940/ijitee.D1013.094S20
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The United Nations is taking an active part in the promotion and implementation of a sustainable approach in our surrounding environment, with the help of its 17 sustainable development goals (S.D. Gs). This paper touches upon the 8th and 9 th Goals which propose Decent work, Economic growth, Industry, Innovation and sustainable Infrastructure. Researchers propose that these goals are very crucial in the development of our economy. The industrial sector of the country is the backbone of its economy and in India the Micro, Small and Medium Enterprises (M.S.M. Es) are the soul of its exponential growth. Keeping in mind the Importance of the M.S.M. Es and their growing potential, the government has taken various initiatives in the form of schemes and policies, to promote and sustain these small businesses. Service sector contributes to more than 54.40% to Gross added value (G.V.A.) whereas the manufacturing sector contributes significantly less than the services sector. Despite of this fact researchers have found out that the Government is more inclined towards M.S.M.E’s in manufacturing sector and have opened a greater number of schemes and opportunities for them than the M.S.M.E’s in the service sector. Today, 54.6 billion total M.S.M. Es are registered in India, 33% are of the service sector. Review and comparison of the statistics and contributions of the M.S.M. Es in both these sectors presents a clear picture regarding the extensive contribution of the service M.S.M. Es and hence has outlined the need of differentiation. The research presents a factual analysis, of the need of more action plans especially the ones aiming at making the service M.S.M. Es financially strong and sustainable. They have a great potential of expansion, growth and can help create many new employment opportunities. Therefore, this paper is an attempt to highlight their contributions and emphasize how making these thriving M.S.M. Es, stand on their own feet is the need of the hour. Researchers believe that government schemes and action plans are one of the best and efficient mediums to achieve the SDGs and contribute towards sustainable development.
Keywords: M.S.M.Es, Service Sector, Financial Sustainability, SDGs.
Scope of the Article: Service Oriented Architectures