Factors Relevant for the Development of Small Business Management in Andaman and Nicobar Islands
Treemurutulu. B
Dr. Treemurutulu. B, Assistant Professor, Department of Commerce, Andaman College, Andaman & Nicobar Islands.
Manuscript received on 17 February 2023 | Revised Manuscript received on 25 February 2023 | Manuscript Accepted on 15 March 2023 | Manuscript published on 30 March 2023 | PP: 1-5 | Volume-9 Issue-7, March 2023 | Retrieval Number: 100.1/ijmh.G1582039723 | DOI: 10.35940/ijmh.G1582.039723
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper examines the key factors influencing the development of micro and small businesses in the Andaman and Nicobar Islands. This study specifically focused on the relevant aspects from the islands’ perspectives. This study utilised primary data sources collected in the South Andaman Islands (Andaman and Nicobar Islands), and the obtained data were analysed using SPSS. The study’s findings demonstrated that tourism, as well as marine and wood-based businesses, have significant potential in the Andaman Islands. The study’s findings highlighted the significance of subsidies and incentives for island promotion and sustainable development, which can be achieved through capital investment, as well as transportation subsidies, critical for both new and existing businesses on islands. Cargo transportation from the mainland to islands is the primary mode of sea transportation and the only mode between island regions. Under these circumstances, the Andaman and Nicobar Islands rely heavily on manufacturing and service businesses as a lifeline. Hence, micro- and small companies will play a vital role in employment generation, production, and investment, thereby driving the economy’s growth. As a result, the administration of the islands should implement appropriate policy measures based on the relevant factors in the islands’ region. The local administration needs to support and provide easy access to finance, transportation, and other facilities for small businesses in the Andaman and Nicobar Islands.
Keywords: MSMES, Small Business Development, Relevant factors, Subsidy and Incentives in Andaman and Nicobar Islands JEL Classification: L15, Q01
Scope of the Article: Business Processes Improvement/Management