Abstract

The vision of Viksit Bharat @ 2047 highlights the need for an economic development path that is inclusive, sustainable, and globally competitive. In this context, Micro, Small and Medium Enterprises play a crucial role in shaping India’s long term growth process. This paper presents a theoretical analysis of existing studies to examine the role of MSMEs in employment generation, inclusive growth, sustainability, and global integration. The review of literature shows that MSMEs contribute significantly to income creation, regional balance, and labour absorption, which supports inclusive economic development. At the same time, studies point to challenges related to productivity, competitiveness, access to finance, and adoption of sustainable practices. The paper argues that addressing these issues through appropriate policy support can strengthen MSMEs as a key pathway towards achieving the objectives of Viksit Bharat @ 2047. By synthesising insights from government reports, institutional studies, and academic literature, the paper situates MSMEs as a central pillar of India’s strategy for balanced and resilient economic development.