How are SMEs impacting the Growth of Indian Economy?

How are SMEs impacting the Growth of Indian Economy?

The topic might sound routine and generic, but the true essence is quiet interesting. There are great success stories and case studies in the SME segment that are better than what we see and hear in media about the blue chip companies. This is my small attempt to showcase the importance of SMEs in building a nation.

SMEs have been playing a vital role in the growth of Indian economy. Not many of use know that they contribute 45% of the industrial output, 40% of exports, 42 million in employment, create one million jobs every year. Wow, isn’t that amazing? And the icing on the cake is they produce more than 8000 quality products for the Indian and international markets.

India is going through a great time; in fact it has been growing for the last 10 years at a good speed with infusion of funds and talent. The good thing is that entrepreneurial development is at its best and has been driving a lot of growth. And the not so good thing is that it might take a few more years to build an eco-system, which I feel is not ready yet. The Indian market is now making remarkable progress in many industries including e-commerce, Cloud, Mobile Apps, Analytics, F&B, Fashion, Organized Retail, Organic Farming and few other services sectors. SMEs are not only finding newer opportunities, but they are also willing to expand and diversify into unknown territories. This ability to willing to experiment and build new competencies is a great step that can take the nation forward. There has been a large set of women entrepreneurs who are coming forward to start on their own; be it on garments, fashion products, bakery products, handicrafts, software applications, backend support, virtual assistants, digital marketing, content writing, business analysis and many more.

India has never seen this kind of growth and I sincerely hope and wish that we develop a healthy environment where everyone wins and make it a self sustaining eco-system. Probably this is where we can learn a lesson or two from China’s eco-system. Like they say, ‘to build a smart city, we must first have smart people’. I think we have crossed the first stage to move to a smart city; we are becoming smarter.

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