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SMEs are the driving force behind the economic growth of
many economies around the world. More than 90% of all
enterprises in the world are SMEs which generate 60 -
80% of total employment opportunities. During the
present global financial crisis and the recessionary
trend in developed and developing countries, it is of
utmost importance to educate, nurture, guide and assist
the SMEs in all possible ways including finance and
marketing to ensure their growth.
Introduction of new products in the market requires a
strong product development base. India has limited
capabilities in the area of 'Product design &
development'. Most of the clusters and the SME units
work on the designs or samples given to them by the
domestic or foreign buyers. Broadly, there seems to be
little innovation in product design and new product
development in the clusters.
However, in most countries, the availability of the
technology & innovation is limited and not accessible to
small entrepreneurs. Moreover, SMEs need more innovative
solutions, latest technology, machinery, equipments,
testing laboratories, finance for technology up
gradation and a platform to understand and acquire the
required knowledge.
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During the present global financial crisis and recessionary trend, many companies are affected
in different degrees. But, with their inherent strength and resilience SMEs can weather adverse
situations, as they are not dependent on public money. Many overseas companies are approaching
Indian SME to out source their manufacturing activities. In service sector too, many are setting
up BPO and KPO in India, which are a real boon for the Indian SME sector.
Unless and until the SME Sector is equipped itself with the latest technologies, processes and machineries,
they will not be in a position to meet the stringent quality standards set out by the buyers. Even if they
are exploring new markets, the products and services have to be suitably modified to meet the market
requirements with innovative designs and features. It is an excellent opportunity to Indian SMEs to
convert the present global melt down condition to their advantage by catering to the needs of the
markets, which are already reeling under the recession.
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- 13 Million MSME Units
- Employ 30 Million People
- One Million jobs per annum
- Contribute 34% of Export
- Contribute 40% of Industrial Output
- Produce more than 8000 products
- Major role in industrial growth
- SSI Growth Rate 12.32%
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