Factors Relevant for the Development of Small Business Management in Andaman and Nicobar Islands
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: The paper explores the key factors relevant to the development of micro and small businesses in the Andaman and Nicobar Islands. This study specifically focused on the relevant factors from the islands’ perspectives. This study used primary sources of data collected in the South Andaman Islands (Andaman and Nicobar Islands), and the obtained data were analyzed using SPSS. The findings of the study proved that tourism business and marine and wood-based businesses have huge potential in the Andaman Islands. The study’s findings highlighted the significance of subsidies and incentives for island promotion and sustainable development, which could be accomplished through capital investment, as well as transportation subsidies, which are critical for 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 this situation, the Andaman and Nicobar Islands totally rely on manufacturing or service businesses as a lifeline. Hence, micro- and small businesses will play a vital role in employment generation, production, investments, and the growth of a small business. 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