Jainendra Kumar Verma

Micro, small and medium enterprises (MSMEs) have emerged as an accelerator of economic growth with a sizeable contribution in job creation, innovation development, and reduction of regional disparities in most world economies. This paper investigates the influence of external and internal factors affecting the growth of MSMEs in poor-performing Bihar state, India. The objective of the study is to identify the major deep-rooted causes for the inability of MSMEs to compete in developing states and identify potential solutions. The study is based on an empirical database; it tested various dimensions of MSMEs barriers in their potential growth. The target group included MSMEs of Bihar state, India, using a sample of 450 entrepreneurs. The paper adopted a multistage stage sampling and multivariate analysis technique. The results showed that there are twelve major potential barriers, both endogenous and exogenous, faced by MSMEs, such as availability of raw materials, financial issues, labor force challenges, technology inefficiency, power/electricity scarcity, poor marketing, competition, knowledge-related challenges, government and administration problems, infrastructure inefficiency, etc. The findings show that these barriers affect the promotion and growth of MSMEs in developing regions. In future, it is suggested to focus on the implementation of good governance that helps to remove effectively the major barriers of MSMEs in underdeveloped states, such as Bihar, India.

Type of the article: Research Article

Abstract
The present study investigates the macroeconomic determinants of human development in eight South Asian Association for Regional Cooperation (SAARC) economies during the period 1990–2023, with special emphasis on the roles of public debt, economic growth, financial development, and environmental degradation. A fixed-effects estimation with Driscoll–Kraay robust standard errors and Dumitrescu–Hurlin panel causality tests on an unbalanced panel dataset of 204 observations is used to test the long-run relationships and dynamic interactions among the variables. The results indicate that economic growth and financial development are important and robust determinants of human development. The findings underscore the importance of raising income and deepening finance for the improvement of human capabilities. The effects of public debt on development depend on fiscal governance and the productive use of borrowed resources. Public debt does not have a significant independent effect once well-known econometric problems are accounted for. Environmental degradation is a serious threat to human development and a complex illustration of the link between industrial transformation and sustainability in developing economies. The study highlights the importance of integrated policies in the SAARC economies for promoting inclusive growth, financial inclusion, fiscal prudence, and environmental sustainability.