Against the post-New Industrial Policy (1991) growth witnessed in large-scale industries, a corresponding boom in the small and mid-sized domestic industry has been conspicuously absent. The paper seeks to document the causes for the same. Further, a comparative evaluation of Indian MSMEs with those operating in other BRICS nations will be conducted, in an attempt to understand the overall effect of the business, policy and legal/regulatory environment on the growth of MSMEs.
