ABSTRACT
Privatization and globalization have heralded the era of entrepreneurial capitalism in the economies of nations. Entrepreneurs are driven by creativity and high levels of motivation, and micro, small and medium enterprises (MSMEs) have emerged as nurseries of innovation, as has been observed by the Task Force set up by the Prime Minister of India. 1 According to the fourth all-India census of MSMEs, there are over 26 million MSMEs functioning in India employing over 60 million workers, contributing 8 percent of the gross domestic product and 45 percent of manufactured output. Over 40 percent of exports are derived from this sector. 2
