Issues in SME Development in India (original) (raw)
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New Frontiers in Business Management Virudhunagar Hindu Nadar's Senthikumara Nadar College Virudhunagar, Tamil Nadu, 2024
An investigation into the significant contribution that small and medium companies (SMEs) make to the expansion of India's economy is the focus of this document. It is widely acknowledged that small and medium companies (SMEs) are the major pillar of the Indian economy. These businesses make a considerable contribution to the gross domestic product (GDP), produce export income, and offer employment opportunities. For the purpose of examining the growth trajectory of small and medium-sized enterprises (SMEs), their influence on major economic indicators, and the obstacles they confront in the current economic climate, the research conducts an exhaustive analysis of data from a variety of official and non-governmental sources. The research results indicate that small and medium-sized businesses (SMEs) account for approximately thirty percent of India's gross domestic product (GDP) and provide job opportunities to more than one hundred and ten million people. This highlights the significant role that SMEs play in the advancement of socioeconomic conditions. Despite the fact that they make considerable contributions, small and medium-sized businesses (SMEs) face major problems. These challenges include restricted funding sources, inadequate infrastructure, and regulatory hurdles. In order to encourage the expansion and long-term viability of small and medium-sized businesses (SMEs), this study highlights the need to establish policies and support systems that are specifically tailored to their needs. The result of this would be that their contribution to the economic development of India would be strengthened.
IMPORTANCE OF SME s IN CHANGING INDIAN ECONOMY
A nation’s growth is reflected in the quality of life of its people. Development of a nation depends on the quality of growth: its composition, distribution and sustainability. High rates of economic growth do contribute to a nation’s economic and social development. However mere high growth rates alone do not contribute in building a nation’s economy. A long run sustainable growth rate is equally essential to a nation to move from growth path to development. Employment generation, innovation, well distributed economic activity across population, sectors, geography along with good governance lead to inclusive growth, bridging various divides in a nation thus fostering quality life
Review of SMEs in India , Global Scenario and Strategy to Enhance Quality & Productivity
2013
277 Abstract— worldwide, the small and medium enterprises (SMEs) have been accepted as the engine of economic growth and for promoting equitable development. The SMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and account for a major share of industrial production and exports (www.msme.gov.in). In India too, the SMEs play a pivotal role in the overall industrial economy of the country. SMEs are playing significant role in supply chains of larger organizations. Singh, Garg, and Deshmukh (2004) opine that to sustain the importance and performances, SMEs are feeling more pressures to improve their competitiveness as compared to past protective markets. However, the potential of SMEs is often not realized because of problems commonly related to wide size, isolation, market opportunities, standards/quality, supply chains, logistics and technology, innovation, etc. In order to enable SMEs tide-o...
Role of Small and Medium Enterprise in Economic Development of India
Industrialization is an effective means for solving the problems of economic and social progress in developing countries of the world. Gunwar Myrdal has rightly described the relationship of industrialization to economical development when he observes “the manufacturing industry represents, in a sense, a higher stage of production in advanced countries. The development of manufacturing has been concomitant with these countries spectacular economic progress and rise in levels of living. Entrepreneurship is indispensible to accelerate the industrial growth. Small and Medium enterprises are an effective means for the development of entrepreneurship. This sector is a only solution to the problems of poverty, insecurity, unemployment, over population he modern world. This article attempted at highlighting the significance SMEs in economic development of India.
Medium, Small and Micro Enterprises: The Indian Perspective
Journal of Alternative Perspectives in the Social Sciences, 2019
MSMEs have a crucial role in Indian manufacturing sector and have become engine of economic growth in India. Today, small and medium industry occupies a position of strategic importance in the Indian economic structure due to its significant contribution in terms of output, exports and employment. The small scale industry accounts for 40% f gross industrial value addition and 50% of total manufacturing exports. The present paper is a modest attempt to understand concept of SMEs, their formation and significance in overall growth in India.
ROLE OF MICRO, SMALL AND MEDIUM ENTERPRISES -IN EMERGING INDIAN ECONOMY
The Small and Medium Enterprises today constitute a very important segment of the Indian Economy. SMEs sector has emerged as a dynamic and vibrant sector of the Economy. Today, it account for nearly 35% of the gross value of output in the manufacturing sector and over 40% of the total export from the country. The number of small-scale units has increased from an estimated 6.79 million units in the year 1990-1991 to over 15 million in 2009-2010.Providing employment to more than 34 million people in India. This paper mainly focuses on the Role of SMEs in the development of Indian Economy.
The macroeconomics of SMEs entrepreneurship in India
isara solutions, 2019
The social and financial essentialness of Micro, Small and Medium Enterprises (MSMEs) in the monetary advancement of rising nations of the world is broadly recognized. MSMEs drive present day economies through their multifaceted commitments as far as mechanical innovations, business age, send out advancement, and so forth., and are enlivened by singular activity and innovativeness. The impact of full scale natural and firm explicit factors on Indian MSME has been very much looked into and archived. The other predominant factor that impacts endeavor execution, to be specific, the entrepreneurial capability could be additionally affected by the way of life which the business visionary acquires from the earth and the social frameworks natural to the nation or the locale that she hails from. The nature and degree of this impact of a district's way of life on the capability and execution of Indian business visionaries in overseeing MSMEs in that area have not yet been to a great extent examined or archived.
A Framework for the Sme Development in the Western Province of Sri Lanka
European Journal of Management and Marketing Studies
The purpose of this research is to propose a framework for SME development in the Western Province of Sri Lanka. The study shows that the SMEs in developed countries such as Singapore, South Korea, Australia and Canada are able to perform very well due to the effective supporting schemes in those countries and such effective supporting schemes are not available in Sri Lanka. The study identifies many factors that affect the SME development other than the supporting schemes. Some of them are: ineffective transport system, corruption, inflation, unstable power supply, lack of management skills of the managers, lack of innovation, high interest rates, lack of linkages with the larger enterprises, lack of business networks, appointing unqualified and inexperienced people to management positions, lack of capital and lack of a central institution to manage SMEs like SPRING Singapore. The study proposes some measures to rectify the situation. Finally, it proposes a suitable framework for t...
Entrepreneurship and SME Development
This paper provides in-depth information about the development of SMEs comprehensively the factors that influence it besides the difficulties that professional people encounter now real-world situations are all covered in an understanding of the motivation behind these activities as well as their difficulties. it also looks at the dynamic connection between entrepreneurship then innovation besides considering what that means for professional accomplishment open market demands are recognized as the drivers of entrepreneurship and innovation access to treasuries and governmental policies are being disrupted suddenly by new technologies and problems with innovation and entrepreneurship disruptive forces, access to capital, and government policies, the challenges of entrepreneurship and innovation include limited resources, risk factors, lack of right of entry to financing, regulatory environment, human resources, and infrastructure. It is crucial to address these challenges to ensure sustainable economic development. As well as from this journal emphasizes the crucial characteristics the "Entrepreneurs & SMEs" shows in the business along with the challenge they face daily basis & how to overcome as well as self-developing key points, Access to funding, Skilled workforce, Supportive regulations, Infrastructure, Networking opportunities and environment supports entrepreneurs' innovation-friendly SME sector requires an Entrepreneurs & SMEs.