Worldwide the micro,small and medium enterprises(MSMEs)have been accepted as engines of economic growth to promote and accelerate equitable development.The major advantage of this sector is the enormous employment potential at significantly low capital involvement.This can be established from the simple fact that the SMEs constitute over 90% of total enterprises in most economies and are credited with generating the highest rates of employment growth and also account for a major share of industrial production and exports.MSMEs play a pivotal role in the overall industrial economy(l).In recent years the sector has consistently registered higher growth rate as compared to the overall industrial sector.With its agility and dynamism,the sector has shown admirable innovativeness and adaptability to survive the recent economic downturn and recession(2).
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