Discuss the contribution being made by MSME sector to the Indian economy. Give an account of the policy measures initiated by the Central Government to meet the challenges being encountered by MSME sector.

Contribution of MSME Sector to the Indian Economy:

The Micro, Small, and Medium Enterprises (MSME) sector is a vital component of the Indian economy, contributing significantly to employment generation, innovation, export growth, and overall economic development. The MSME sector's contribution can be summarized as follows:

1. Employment Generation: The MSME sector is a major source of employment, providing jobs to millions of people across urban and rural areas. It absorbs surplus labor, reduces unemployment, and plays a crucial role in inclusive growth.

2. Innovation and Entrepreneurship: MSMEs are often hubs of innovation and entrepreneurship. They are flexible and agile, making them more capable of adapting to changing market conditions and driving innovation.

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