Role of CSR towards the Progress of MSMEs in India

The establishment and nurturing of Micro Small and Medium Enterprises (MSMEs) is a resourceful input leading to the rapid development of economic and social prospects. MSMEs could be the steroid which the Indian economy needs at this moment. As global competitiveness the concept of Corporate Social Responsibility (CSR) is proposed as an impressive strategy to rejuvenate Micro Small and Medium Enterprises (MSMEs) operations and competitiveness. The outcomes of CSR activities can help to a greater extent in improving the survival rate of MSMEs and may offer great opportunities for business competitiveness, locally and globally. It helps in creating and developing the entrepreneurial foundation of the nation by supporting the enterprises through supply of raw materials and a range of components required for the production. Sustainable entrepreneurship is incomplete and inequitable without being given a standing ovation of the small and medium enterprises as engines of inclusive growth and development. The prime aim of this research paper is to examine the strategies of CSR in MSMEs, and its impact on expansion of these sectors. The paper also purports that CSR activities are not only contributing to the large businesses, but also creating evidence in enrichment of the competitiveness of MSMEs.