Micro, small and medium enterprises (MSMEs) are the backbone of a developing country such as India. These enterprises or firms generate huge employment opportunities for the masses. In India, most of the MSMEs are called unorganised firms because the majority of these firms are informal or unregistered. In terms of numbers, India has nearly 20 million informal manufacturing MSMEs, and most of these firms are of the self-employment type. However, encouraging self-employment in MSMEs may not create gainful employment unless these entrepreneurs are connected with broader markets. In this regard, subcontracting with large organised firms may play a pivotal role in enhancing the size of MSMEs, which in turn may increase the likelihood of their becoming larger firms. Against this background, this study uses the unit-level database of the National Sample Survey Organisation during the period 2000–2001 to 2015–2016 to examine this role empirically. We find that the subcontracting firms are more likely to be large-sized firms, more specifically, the establishment-type firm, which hire workers for functioning. Thus, the findings recommend direct government intervention to facilitate subcontracting in the informal manufacturing MSMEs of India.
Goods and Services Tax (GST) was implemented in India in 2017. It is a kind of indirect tax that is comprehensive and unified throughout the country. GST is levied on the supply of goods and services in India, and it is a kind of tax based on the consumption of goods and services. Multiple indirect taxes, such as excise duty, service tax, value-added tax and others, have been replaced by GST. GST has brought a significant impact on the Indian economy. The impact of GST has always been a debating factor; therefore, our main objective of the study is to understand the perception of small-scale entrepreneurs on GST filing procedures. The study has been based on primary data collected from 120 small-scale industries located in Coimbatore, India. Primary data have been analysed by using statistical tools such as simple percentage analysis, multiple dichotomy analysis, analysis of variance and t -test. Based on our analysis, small-scale entrepreneurs feel that GST is a fair and satisfactory tax system. It is also concluded that small-scale businesses feel that the tax burden is higher, and many entrepreneurs do not have enough awareness about filing GST; they require the assistance of chartered accountants or others to file GST.
Micro, small and medium enterprises (MSMEs) are critical elements in the creation of employment, local industrialisation and economic growth in regions, but institutional credit access has continued to be a limiting factor to many enterprises. It is against this backdrop that the current study discusses the trend of institutional credit flow and outstanding exposure to MSMEs in Dindigul District, Tamil Nadu, from 2021–2022 to 2024–2025. The study is based on secondary data obtained from district-level Lead Bank Office records, and the descriptive trend analysis is applied to determine the change in the credit disbursement, the number of accounts financed, the outstanding accounts and the average credit per account. The findings show that the total credit disbursed to MSMEs increased during the study period, while outstanding loan exposure also remained substantial. At the same time, there was a reduction in the number of accounts financed and the number of outstanding accounts, implying that the increase in aggregate credit did not always result in an increase in the coverage of borrowers. The increase in the average credit per account implies that credit intensity or concentration might be increasing among a smaller number of borrowers. These trends have been indicative of a key difference between credit growth in terms of volume and credit inclusion in terms of reach. The research contributes to the literature on MSME finance by presenting district-level data on how an increase in institutional credit may be coupled with a decrease in account coverage. It claims that the measures of MSME credit performance must go beyond aggregate disbursement indicators, and also the degree to which formal credit is extended to a wide range of enterprises. The article concludes by pointing out that closer monitoring of credit volume and coverage of borrowers at the district level is necessary in order to enhance inclusive financing of MSMEs.
This article examines: (a) the role of financial literacy in improving access to credit and (b) trends in loans disbursed to microfinance institutions (MFIs) by financial institutions over the past 15 years. Using primary data from 250 business owners in Northeast India, along with secondary data from the National Bank for Agriculture and Rural Development (2023 , Status of microfinance in India 2022–2023 ), the study analyses both demand-side borrowing behaviour and supply-side lending patterns. The study finds that commercial banks have consistently dominated loan disbursement to MFIs, accounting for nearly 50% of total credit. The results from a logistic regression model indicate that financial literacy, along with age and education, significantly enhances access to institutional loans. Importantly, the study also documents an inverse relationship between business profitability and credit access; this inverse relationship is explained using pecking order theory. The study further demonstrates that financial literacy plays a crucial role in reducing information asymmetry in the credit market, consistent with the framework proposed by Akerlof (1970 , The Quarterly Journal of Economics, 84 , 3, 488–500). The article concludes by encouraging financial literacy initiatives under the Reserve Bank of India’s National Strategy for Financial Education, and in light of policy implications, the article advocates establishing ‘financial literacy and credit facilitation hubs’.
This study examines the stock market reaction towards mergers of Indian public sector banks (PSBs), focusing on stock price volatility and its correlation with Bank Nifty. Using an event study methodology, the research evaluates abnormal returns, cumulative average abnormal returns (CAAR) and volatility behaviour around merger announcements for four major PSB mergers announced on 30 August 2019. The analysis employs a 61‑day event window (−30 to +30 days) with Bank Nifty as a sector‑specific benchmark. Results indicate mixed market reactions with mild optimism on the announcement day but predominantly negative CAAR in the post‑announcement period, reflecting investor caution towards integration risks and operational challenges. The study contributes to the literature by providing sector‑specific evidence on investor perception of large‑scale bank consolidation in India and by using Bank Nifty as a benchmark to isolate banking‑sector‑specific market movements. The findings remain relevant for contemporary policy debates on financial sector consolidation, offering lessons for future restructuring efforts in emerging banking systems.
This study explores the evolution and current state of the impact of women entrepreneurs on innovation through a bibliometric analysis of research publications from 1987 to 2024. It highlights key milestones, influential authors, prominent institutions and leading countries contributing to the field. The analysis shows a notable increase in publication activity since 1987. Through co-citation and keyword co-occurrence analyses, the study reveals the intellectual structure and thematic trends within this research area using the Scopus database for data search. It delves into co-citation networks, keyword relationships and thematic clusters, offering insights into studies on Women Entrepreneurs and Innovation using VOSviewer and RStudio (Biblioshiny) for analysis. The findings emphasise the dynamic interaction between research dissemination and citation impact, providing valuable perspectives for both researchers and practitioners. Although bibliometric analysis has its limitations, the study identifies several opportunities for further research in this evolving field.
Micro, small and medium enterprises (MSMEs) are significant contributors to the Indian economy in several ways. They play a critical role in the economic development of the country, along with driving innovation and employment creation. They, however, face multiple challenges in attracting and retaining talent due to limited resources and limited visibility. This empirical study uses a single-case study approach to investigate Engineering Toys (pseudonym), an Indian MSME in the toy manufacturing sector, determining how employer branding strategies impact talent attraction and retention. The employer branding models of Backhaus and Tikoo (2004 , Career Development International, 9 (5), 501–517) and Gaddam (2008 , ICFAI Journal of Soft Skills, 2 (1), 45–55) form the theoretical foundation of this study, along with the psychological contract theory and the signalling theory, enabling the study to investigate how MSMEs develop the employer brand in their unique environment. Primary data were collected through in-depth interviews and triangulated using secondary data like online presence, internal documents and observation. Findings indicate that authentic, purpose-driven employer branding empowers employees and fulfils the psychological contract, improves job satisfaction and influences retention in MSMEs. The study establishes that even with limited resources, employer branding can serve as a sustainable tool for talent attraction and retention for MSMEs.
The Indian economy, by design, is a planned mixed economy. Industrial development from the second 5-year plan onwards has been focal. Despite the planned preparations, the outcomes have never been able to completely match the envisionments. The present study is an attempt to raise this question and find an answer to it at the regional level. The analysis is based on the Annual Survey of Industries (ASI) data set and explores the case of Jammu and Kashmir. Using an econometric approach, the study validates a digression between the policy documents and the ground industrial realities. The main finding of the study is that there is no possible link between the policy documents and the ground industrial realities. J&K industry needs to develop a capacity of human capital contemporarily. The fragile environment of the region needs special attention while designing the localised industrial policy. The study concludes by putting a case in favour of informed industrial document formulations and makes recommendations for empirically informed industrial planning in future.
This study investigates the role of financial technology (FinTech) in enhancing green supply chain management (GSCM) practices and sustainability performance among small and medium enterprises (SMEs) in India. Despite the growing importance of sustainable business practices, Indian SMEs face significant financial and technological constraints, and the integration of FinTech with green supply chain initiatives remains underexplored in the literature ( Nenavath & Mishra, 2023 ; Sreenu, 2024 ). Using a structured questionnaire, data were collected from 300 Indian SMEs and analysed using structural equation modelling (SEM) ( Hair, Hult, Ringle, & Sarstedt, 2019 , A primer on partial least squares structural equation modeling (PLS-SEM) ). The results reveal that FinTech adoption positively influences GSCM practices ( β = 0.42, p < .001) and SME performance ( β = 0.35, p < .01). Financial literacy was found to significantly mediate the relationship between FinTech and GSCM ( β = 0.21, p < .05) ( Ratnawati et al., 2024 ). However, certain paths, such as awareness of green practices and implementation, showed negative or insignificant effects, suggesting potential gaps between knowledge and practical adoption ( Barney et al., 2011 ). The model demonstrated acceptable fit indices (CFI = 0.93, TLI = 0.91, RMSEA = 0.05) ( Marak & Pillai, 2025 ). The findings underscore the critical role of FinTech-enabled financial inclusion in promoting sustainable supply chain practices among SMEs. This study contributes to the literature by integrating FinTech and GSCM perspectives ( Chen & Kelly, 2015 ; Waqar et al., 2025 ) and offers practical implications for policymakers, SME managers and financial institutions seeking to foster environmentally sustainable and financially resilient SME ecosystems in emerging economies ( Hossain et al., 2025 ; Paliwal, 2023 ).
Social enterprises struggle greatly to pursue the twofold goal of attaining financial viability while also meeting social objectives. Sometimes, the quest for financial returns leads to the mission drift of social enterprises. The bibliometric analysis reviews academic sources published between 2001 and 2025 on the financial landscape of social enterprises, with a final sample of 129 documents identified in the Scopus database. The results show that academic interest in the field of study has been growing steadily. The use of keywords reflects current research trends, including social investment, impact investment, crowdfunding and social innovation, indicating the emergence of innovative financial mechanisms that integrate social and financial goals. Recent literature shows growing interest in impact investing as an accelerator of social innovation, enabling social enterprises to expand their social impact. It also highlights the need to create new financial instruments to ensure long-term financial sustainability and to drive social impact in the fast-evolving financial ecosystem.
The micro, small and medium enterprises (MSME)-based bakery industry in North-East India faces significant operational constraints, including limited mechanisation, restricted access to institutional funding, an underdeveloped packaging supply chain infrastructure and a near-complete absence of specialised technical support. These constraints are particularly pronounced in the Barak Valley region of Southern Assam. No prior empirical study has measured enterprise-level operations readiness for technology upgradation in this geography. The present study adopts a mixed descriptive-exploratory research design and applies an Operations Readiness Framework to assess readiness across four dimensions: structural, technological, market and environmental. Secondary data on all 390 registered bakery units across Barak Valley were sourced from the District Industries and Commerce Centre. Primary survey data were collected from 33 verified operational bakery enterprise owners in the Cachar district through structured face-to-face interviews. Two hypotheses examine whether enterprise scale significantly determines product innovation frequency and product variety among MSME-based bakery enterprises in the Cachar district. Results confirm that scale significantly determines both innovation frequency ( χ ² = 8.393, df = 1, p = .004) and product variety (Mann–Whitney U = 33.5, p = .023). All small-scale bakery enterprises add new products every 6 months or at least once a year, while 74.1% of micro-scale units do so only occasionally or never. Small-scale bakeries also produce significantly more distinct product items per category, with a mean variety depth score of 3.67 compared to 2.52 for micro-scale units. However, given that only six small-scale enterprises were included in the sample, these comparative findings should be interpreted with appropriate caution. The complete absence of fully automated bakery units across the surveyed enterprises is the most significant operational finding. The study concludes that market readiness exists at the micro scale in product breadth but remains underdeveloped in innovation frequency and variety depth, while structural and environmental readiness constitute the binding constraints on technology upgradation in the Cachar district. Findings are primarily applicable to micro-scale proprietorship-run bakery enterprises in the Cachar district; generalisation to the broader Barak Valley region should be made with caution pending full valley-wide data collection.
Sustainable tourism has gained prominence as the tourism industry increasingly acknowledges the consequences of rapid growth, reshaping perspectives on tourism development. This study employs bibliometric analysis to examine research on entrepreneurship in sustainable tourism and to identify future research directions. Based on 191 Scopus-indexed documents, it highlights influential articles, authors, journals, countries and institutions, while mapping the field’s evolution and noting a sharp rise in publications since 2017. Six key themes are identified: women’s empowerment and community participation, rural tourism sustainability, community-led tourism, inclusive entrepreneurial resilience, sustainable tourism innovation and food tourism supporting community development. Emerging topics include ecotourism globally.
This study investigates the role of women’s self-help groups (SHGs) in fostering rural reconstruction through empowerment in Jharkhand, India. Drawing on primary survey data from 105 SHG members in Giridih district, we employ a logistic regression model to analyse how participation in SHGs influences women’s economic autonomy, social mobility and decision-making power within households. Results indicate that income enhancement and awareness of legal rights significantly increase women’s participation in household decision-making and community-level dispute resolution. By situating these findings within Rabindranath Tagore’s vision of rural reconstruction and India’s contemporary agenda of Atmanirbhar Bharat , the study demonstrates how SHGs bridge historical ideals and modern development policy. We argue that SHGs are not only microfinance institutions but also agents of socio-political transformation. The article contributes to debates on grassroots empowerment by providing empirical evidence and policy insights for strengthening SHG-based interventions in rural development.
This study examines the impact of solar energy awareness on the intention to adopt solar energy among owners of small and medium enterprises (SMEs) in Kerala, with additional enquiry into the demographic and firmographic factors influencing adoption intention. A quantitative, cross-sectional research design was employed, and data were collected from 671 SME owners using a structured questionnaire. IBM SPSS was used to conduct statistical tests, including independent samples t -tests, analysis of variance and simple linear regression. The findings indicate significant differences in adoption intention based on education level, religion, type of business, plant location and firm age, while no significant differences were observed for gender, business generation and enterprise size. Awareness of solar energy practices emerged as a strong positive predictor of adoption intention, explaining 30.5% of the variance. The results highlight the importance of awareness-driven policy interventions and training programmes to enhance sustainable energy adoption among SMEs. Overall, the study offers meaningful implications for policymakers, solar providers and SME stakeholders seeking to promote eco-innovations in business energy practices.
There is consensus on the positive impact of financial inclusion on economic prosperity globally. However, there is limited empirical evidence to support the causal effects of financial inclusion on the standard of living in India, particularly in rural areas. The present study aims to investigate the impact of financial inclusion on the standard of living among rural households in the Barak Valley region of Assam. The households were selected using a multi-stage sampling design. Five blocks were selected randomly out of 27 blocks in the first stage. In the second stage, two villages from each block have been selected, one with at least one financial institution and the other without financial institutions. In the final stage, we interviewed heads of the households on a random basis. Finally, we collected the responses from 405 households through a structured interview schedule. The interview schedule is considered because of the low literacy among the respondents. A Composite Index has been constructed to measure household financial inclusion, considering the use, access and quality dimensions of financial services as per the methodology proposed by the Reserve Bank of India. Similarly, the Living Standard Index was constructed considering WaSH (Water, Sanitation and Hygiene), Education, Health and Wealth aspects. Logistic regression analysis was employed to investigate the impact of financial inclusion on the standard of living among rural households. The study found that financial inclusion has a positive impact on the standard of living. Further, the result indicates that permanent employment, household expenditure and association with self-help groups positively impact the standard of living. Policymakers should integrate financial inclusion into broader development and poverty reduction strategies. Special attention is needed to reduce barriers that rural populations and low-income households face by expanding digital financial infrastructure, promoting financial literacy and supporting inclusive fintech innovations.
This article tries to examine the financial performance of the informal enterprises in the clusters and factors determining their financial performance. It is based on primary data collected through a customised sample survey in four districts of Assam, namely Dhubri, Nalbari, Lakhimpur and Majuli. Three indicators of financial performance of the enterprises were taken, namely gross value added, income accruing to the entrepreneur’s household from the enterprise and profit. It was found that the financial performance of the sample enterprises was not satisfactory. Most of the enterprises were providing subsistence income to the entrepreneurs. Although only a few of the enterprises were earning profit, those were providing employment opportunities to the owners and their family members. In other words, the enterprises were the sources of their livelihood. Further, the financial performance of the enterprises was not linked to their access to credit and level of education. As these enterprises were the sources of livelihood of the sample entrepreneurs, policies should be there for providing social security to those entrepreneurs’ households.
This study provides a comprehensive bibliometric analysis of the evolving scholarly discourse on digital financial inclusion, micro, small and medium enterprise (MSME) development and entrepreneurship in India. Using data retrieved from the Scopus database (2005–2025), a total of 170 peer-reviewed articles were analysed through the Bibliometrix R-package and Biblioshiny interface. The analysis reveals a significant growth in publications, particularly after 2020, coinciding with India’s rapid digitalisation and policy initiatives such as Unified Payments Interface, Startup India and Digital India. Descriptive statistics highlight key contributors, leading journals and institutional collaborations. Conceptual structure analysis identifies financial inclusion, FinTech, entrepreneurship and women empowerment as dominant research themes, while emerging topics such as peer-to-peer lending, machine learning and sustainable development goals represent promising future research frontiers. Thematic and co-occurrence mapping demonstrates strong interdisciplinary linkages between financial, technological, entrepreneurial and social development dimensions. Despite this growth, gaps remain specifically at the intersection of digital financial inclusion, MSME development and entrepreneurship—particularly in understanding how digital finance affects long-term MSME sustainability, gender-specific entrepreneurial outcomes and regional disparities in entrepreneurial access to digital credit in India. The study offers valuable insights for researchers and policymakers, while highlighting future research directions to deepen the field’s theoretical integration and policy relevance in the Indian context.
This study investigates the impact of complaint-handling satisfaction on customer loyalty in the business-to-business (B2B) plastics industry. Drawing on survey data from 270 decision-makers, the analysis combines descriptive statistics with simple linear regression to evaluate both perceptions and outcomes. Results show consistently high satisfaction after complaint resolution, strongly linked to positive purchase decisions and long-term loyalty intentions. Regression findings confirm a significant positive association, with complaint-handling satisfaction explaining 34.7% of the variance in loyalty. These results demonstrate that effective resolution is not a peripheral service but a strategic determinant of customer retention. For industry leaders, the study underscores the importance of investing in robust complaint systems, embedding customer-centric cultures, driving continuous improvement, and leveraging data-driven decisions. By doing so, B2B plastics firms can strengthen relationships, enhance brand reputation, and secure a competitive advantage in a global industry where reliability and trust are decisive for sustainable growth.
The present study analyses data based on perception to identify challenges being faced by micro, small and medium enterprises (MSMEs) of the sports goods industry during the post-reforms period. Owing to the glorious history of this industry, it becomes pertinent to identify the major constraints to the growth of this sector. The objective of the present study is to test the hypothesis in order to ascertain the problems that the firms are facing under the present scenario, which affects the enterprises in almost every way. The constraints in the path of the sports goods industry are paramount. Despite exemplary contribution to the gross domestic product (GDP) of the country, this industry is lagging behind many other industries, which is quite questionable. Thus, the critical problems faced by MSMEs have been studied very intensively using exploratory factor analysis (EFA). The focus of the study is on the period with effect from the revision in the definition of the MSME sector and the development of the MSMED Act, 2006. The data were collected from 107 sports goods enterprises in the region of Jalandhar, Punjab. The instrument used for data collection was a structured research schedule and through the interview method. Furthermore, the data were deeply analysed with the help of Statistical Package for the Social Sciences (SPSS) software and the results of the same are presented in the form of a framework.
There has been growing recognition of the role of social enterprises in generating social impact while achieving profits for their owners. However, to attain these goals, social enterprises need to innovate for sustainability by fostering collaboration with external partners. The article delineates the role of a social enterprise (ONganic Foods) in promoting sustainable innovation practices to organic smallholders in an environment of external collaborations (state and other ON Conglomerate actors, including SwitchON, ONergy Solar and ON Skills) and building a sustainable agricultural value chain in West Bengal. Survey observations highlight a range of sustainability-oriented innovative measures that can be grouped into two categories, that is, eco-innovation and social innovation. Eco-innovation practices involve applying agroecological principles and adopting climate-resilient agricultural technologies that minimise environmental externalities, while also focusing on market-oriented measures that promote the stakeholders’ economic interests. Social innovations include empowering the local community, providing capability development training to smallholders, facilitating knowledge sharing, spreading environmental and health awareness among consumers, and imparting skill education to generate employment for local youths.
