Role of SMEs in India

 SMEs plays a vital role in the growth of an Indian economy due to their major contribution to the country’s socio-economic development. It helps to generate many employment opportunities. Plus, it also balances the development of the nation’s backward and rural areas simultaneously.

The number of SMEs in India comes out to be 42.50 million including both registered & unregistered ones. Around 95% of the industrial units in India employ about 40% of India's workforce.

The small and medium enterprises in India have taken India to peak point by fulfilling the requirements of flexible operations, low investment, and the capability to develop the right native technology.

Ideal Features of SMEs

small and medium enterprises in india
small and medium enterprises in india


●     Small Medium Enterprise Examples show that they work for the welfare of both artisans and workers. The small-medium enterprises help them by offering new employment, and loans opportunities.

●     The small and medium enterprises in India put a restriction in offering credit or funding support to banks.

●     Not only this but they also promote the entrepreneurship development and up-gradation of skills by establishing specialized training centers.

●     They also help in upgrading the developmental technology, modernization of the sector and infrastructure development as well.

●     Small-medium enterprise examples are known to assist both domestic as well as export markets.

●     These SMEs provide quality certification services and modern testing facilities.

What is the role of SMEs in the Indian Economy?

The day SMEs were formed, every SME segment has proven to be the most effective and highly dynamic among the Indian economy sectors. The small and medium enterprises in India manufacture several products useful for both international and domestic markets.

It helps to increase the growth and development of villages, khadi, and coir industries. They have formed a partnership with the concerned ministries, stakeholders, and state governments, towards the fostering of rural areas.

We must admit that SMEs play an essential role in offering multiple employment opportunities for poor people in rural areas. They have also helped in the industrialization of all areas having a low capital cost other than the large industries.

The SME sector has widely contributed to socio-economic development acting as a complementary unit to large sectors. Also, these SMEs contribute to the country’s development in many areas including flexibility in operations, the requirement of low investment, mobility through the locations, low imports rate, and a major contribution to domestic production.

They have more capability and capacity to develop and handle appropriate local technology, compete in domestic and international markets. They put a contribution towards manufacturing defence materials and flourishing new entrepreneurs by excess knowledge, training, and skills through specialized training hubs.

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