Abstract
India is a land of agriculture. Because of the increase in population, it should develop in other sectors as well. Microfinance supports essential and necessary financial services for small farmers and small-scale entrepreneurs. In order to avoid employability and poverty rates, we have to focus on these MSME’s. If these ventures get developed, our nation too will be developed. Due to the abundance of job opportunities, it is essential that we strive to harness them. If we want to reduce unemployment rates, we must focus on MSMEs. In terms of population, India surpasses China, ranking first globally. Unemployment is a significant challenge for our country. In India, unemployment rates are higher, especially below 35 years of age. Many recent graduates are unable to find job opportunities matching their education level and often end up underemployed.
Globally, about 90% of employment opportunities are generated through small, medium, and large enterprises. We should focus on them. Both the central and state governments should also facilitate financial assistance for such development. Corruption and a lack of integrity in the country contribute significantly to major crimes. As a consequence, a nation's self-reliance is crucial for the growth of other sectors. Microfinance institutions are very helpful. Its program has played a significant role in India’s developed economy.
Keywords: MSME, Problems – Entrepreneurs – Financial Support.