MSMEs In India

MSMEs in India are Beating the odds. India has got enormous degrees of expectations for potential and ambitious people when business opportunities are concerned. Our history says, we have been thriving to achieve the goal to become a world trade-hub.

Are we? Are we not?

Markets have been experiencing the energizing, fresh and innovative benchmarks (with global standards) with the passing of every year. We are known as an outsourcing industry from last couple of decades. Cheap labor and low running costs are the attractions for foreign organizations and global giants to stretch their investments in India. Our capacity to take risks is again looking up and positive.

The m/SMEs sector in India consisting of 36 million units, as of today, provides employment to over 80 million people. More than 10,000 products contributes about 8% to GDP besides 45% to the total manufacturing output and 40% to the exports from the country.

SMEs in India have the potential to spread industrial growth across the country and can be a major partner in the ongoing process of inclusive growth. SMEs also play a significant role in Nation development through high contribution to Domestic Production, Low Investment Requirements, Operational Flexibility, Location Wise Mobility, Capacities to Develop Appropriate Indigenous Technology, Import Substitution, Contribution towards Production, Technology – Oriented Industries, Competitiveness in Domestic and Export Markets thereby generating new entrepreneurs by providing useful knowledge and training. [1]

The Internet and technology are giving us wings. MSMEs in India are beating the odds to contribute for better. Entrepreneurship has become the most trending thing for young and confident brains. We have to adopt innovative and quick problem solving methods to take this momentum to the next level.

There are great opportunities in industries like art, design, engineering, entertainment, health, retail etc. for ambitious minds/teams who are intrigued to initiate & pursue ‘any’ business idea in India.

Source [1]: http://www.smechamberofindia.com/about_msmes.aspx, Accessed on: 14/10/15

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