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According to the World Bank, Micro, Small and Medium Enterprises (MSMEs) play an important role in the economies of most countries, particularly in developing countries (Asian Development Bank, 2020). The majority of enterprises worldwide are classified as MSMEs, which play significant role in employment(International Labour Organization (2019). Globally, MSMEs account for about 90 per cent of all businesses and more than 50 per cent of all jobs. Formal MSMEs can contribute up to forty per cent of Gross Domestic Product (GDP) in developing countries. This number may be much higher if informal MSMEs are included. As result of the significant economic contributions they make and the large number of people they employ, many governments have made the study of MSMEs high priority (Kumar & Gajakosh, 2021; Dash, 2018; Nadaf & Kadakol, 2017).