Role of SMEs in Indian Economy

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1 IJM, Volume 3, Spl. Issue 1 (April, 2016) e-issn: p-issn: X Role of SMEs in Indian Economy Anubha Vashisht*, Amita Chaudhary**, Priyanka*** *Assistant Professor, DAV College Chandigarh, India **Research Scholar, Department of Commerce, Punjabi University, Patiala, India ***Research Scholar, Department of Commerce, Punjabi University, Patiala, India Abstract Small and medium enterprises (SMEs), particularly in developing countries, are the backbone of the nation's economy. They constitute the bulk of the industrial base and contribute significantly to the exports as well as to the Gross Domestic Product (GDP) or Gross National Product (GNP) of a country. India has a unique and distinctive approach to the promotion of entrepreneurial firms. India has nearly three million SMEs, which account for almost 50 percent of industrial output and 42 percent of India s total exports. A special role for SMEs was earmarked in the Indian economy with the advent of planned economy from 1951 and the subsequent industrial policy followed by government. This paper discusses the role of SMEs in India with a prospective outlook into their future. Introduction Small and Medium-scale Enterprises (SMEs) occupy an important and strategic place in economic growth and equitable development in all countries. Constituting as high as 90 per cent of enterprises in most countries worldwide, SMEs are the driving force behind a large number of innovations and contribute to the growth of the national economy through employment creation, investments and exports. Their contribution to employment generation, poverty reduction and wider distribution of wealth in developing economies cannot be underrated. While most countries place most entrepreneurial firms in the category of small and medium-sized enterprises (SMEs), India refers to such firms as Micro, Small and Medium Enterprises. (MSME). After a longstanding demand from various entrepreneurs, small industry associations and related stakeholders for a single comprehensive legislation, the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 was enacted. This is the first Act that pro vides for a precise definition of these enterprises besides paving the way for a statutory National Board exclusively for them which helps implement promotion schemes and addresses the development and enhancement of firm s competitiveness. Concept of SME in India The Micro, Small and Medium Enterprises Development (MSMED) Act 2006 facilitates the development of the enterprises and enhance their competitiveness. The act provides legal framework for enterprise which includes the manufacturing and service entities. In accordance with the provisions of Micro, Small & Medium Enterprises Development (MSMED) Act 2006, the Micro, Small & Medium Enterprises (MSME) are classified into manufacturing enterprises and service enterprises: (a) Manufacturing Enterprises: The enterprises engaged in the manufacture or production of goods. The manufacturing Enterprises are defined in terms of investment in Plant & Machinery. (b) Service Enterprises: The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment. The investment limits of the enterprises are shown in the table given below: International Journal of Management 14

2 CLASSIFICATION OF SMEs (ACCORDING TO MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT) Types of Enterprise Engaged in manufacture Engaged in providing or or production of goods. rendering of services Investment in plant and Investment in equipment machinery Micro Under INR 25 Lakh Under INR 10 lakh Small INR 25 Lakh to INR 5 Crore INR 10 lakh to INR 2 Crore Medium INR 5 Crore to INR 10 Crore INR 2 Crore to INR 5 Crore Source: Ministry of Micro, Small and Medium Enterprise, Annual Report, as on 15th June The programs and schemes are undertaken by the Government to promote small scale industries by ensuring the following steps: 1. Adequate credit from financial institutions/banks 2. Funds for technology upgrading and modernization 3. Integrated infrastructural facilities. 4. Modern testing facilities and quality certification laboratories. 5. Access to modern management practices, entrepreneurship development and skill upgrading through appropriate training facilities. 6. Assistance for better access to domestic and export markets. 7. Cluster-wide measures to promote capacity-building and empowerment of the units. Need and Importance of SME As globalization creates benefits through advanced technologies and expansion of commerce, it also creates challenges for emerging small business enterprises to effectively complete in dynamic environment. Entrepreneurship is the practice of starting new organizations or boosting existing organizations. Many high value entrepreneurial ventures seek venture capital or angle funding in order to raise capital to start the business. Credit assistance to SMEs in India is included along with other national priorities. Such funding assistances to priority sector consist of the credit facilities accorded to (i) agriculture, (ii) small scale industry including loans for setting up of industrial estates, (iii) small road and water transport operators, (iv) small business, (v) professional and self employed persons, (vi) retail trade, (vii) state sponsored organizations for certain castes and tribes. The Small and Medium Enterprises (SMEs) sector contributes significantly to the manufacturing output, employment and exports of the country. It is estimated that in terms of value, the sector accounts for about 45 per cent of the manufacturing output and 40 per cent of the total exports of the country. The sector is estimated to employ about 59 million persons in over 26 million units throughout the country. Further, this sector has consistently registered a higher growth rate than the rest of the industrial sector. There are over 6000 products ranging from traditional to hightech items, which are being manufactured by the MSMEs in India. It is well known that the SME sector provides the maximum opportunities for both self-employment and jobs after agriculture sector. Contribution of SME towards Indian Economy The SME sector accounted for more than 17 percent of the GDP in 2014 while contributing to 45 percent of the nation s industrial output and 40 percent of the total exports. The SMEs in India add over 1.3 million jobs per year. With the onset of e-commerce, SMEs have achieved significant advantages such as increased revenues and margins, improved market reach, access to new International Journal of Management 15

3 markets, cost savings in marketing and communication, customer acquisition and improved customer experience. SME Contribution to Employment: Growth Rate of Employment Growth rate of number of enterprises Manufacturing 18 % 23% Services 34% 31% Source: Ministry of Micro, Small and Medium Enterprise, Annual Report, Currently, there are approximately 48 million SMEs operating in India and the sector employs around 40 percent of the country s labour. Indian SME s sector currently comprises of 1,157 industrial cluster and 6,000 micro-enterprise clusters. It is characterized as highly fragmented and unorganized and is dispersed across vast geographies. A large portion of the employment generated by SMEs is in the manufacturing and services sectors which are growing at impressive rates of 18 percent and 34 percent year on year respectively. SMEs contribution of 17 percent to India s GDP is much lower when compared to other major economies.it is expected to increase by 22 percent by year Also, the number of new entrants in the SMEs sector is growing at an average 23 percent in manufacturing and 31 percent in the services sector. The Ministry of Micro, Small and Medium Enterprises (MSME), Government of India (GoI) has adopted the cluster development approach as a key strategy for enhancing the productivity and competitiveness as well as capacity building of Micro and Small Enterprises (MSEs) and their collectives in the country. Clustering of units also enables providers of various services to them, including banks and credit agencies, to provide their services more economically, thus reducing costs and improving the availability of services for these enterprises. Schemes launched by MSME: a. Manufacturing Competitiveness Programme (NMCP) The Government has announced formulation of National Competitiveness Programme in 2005 with an objective to support the Small and Medium Enterprises (SMEs) in their endeavor to become competitive and adjust the competitive pressure caused by liberalization and moderation of tariff rates. b. Micro & Small Enterprises - Cluster Development Programme (MSE-CDP) The Ministry of Micro, Small and Medium Enterprises (MSME), Government of India (GoI ) has adopted the cluster development approach as a key strategy for enhancing the productivity and competitiveness as well as capacity building of Micro and Small Enterprises (MSEs) and their collectives in the country. c. Credit Link Capital Subsidy Scheme for Technology Upgradation The revised scheme aims at facilitating technology upgradation of Micro and Small Enterprises (MSEs) by providing 15% capital subsidy (limited to maximum Rs.15 lakhs) for purchase of Plant & Machinery. Maximum limit of eligible loan for calculation of subsidy under the scheme is Rs.100 lakhs. Presently, more than 1500 well established/improved technologies under 51 sub-sectors have been approved under the Scheme. d. Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS) This scheme was launched by the Government of India (GoI) to make available collateralfree credit to the micro and small enterprise sector. Both the existing and the new enterprises are eligible to be covered under the scheme. The Ministry of Micro, Small and Medium Enterprises, GoI and Small Industries Development Bank of India (SIDBI), established a Trust named Credit Guarantee Fund Trust for Micro and Small International Journal of Management 16

4 Enterprises (CGTMSE) to implement the Credit Guarantee Fund Scheme for Micro and Small Enterprises. e. Market Development Assistance Scheme for Micro/ Small manufacturing enterprises/ Small & Micro exporters (SSI-MDA) The scheme offers funding for participation by manufacturing Small & Micro Enterprises in International Trade Fairs/ Exhibitions and promotes sector specific market studies by Industry Associations/ Export Promotion Councils/ Federation of Indian Export Organization. Opportunities and Challenges of SMEs in India The post liberalization era in the Indian economy has enhanced opportunities and challenges for the small industries sector. The following factors coupled with opportunities work in favour of Indian SMEs. High contribution to domestic production Significant export earnings Low investment requirements Operational flexibility Location- wise mobility Low intensive imports Capacities to develop appropriate indigenous technology Export promotion and Import substitution As the countries merge into a global village, these SME s will have to respond accordingly and thus deserve special attention. To enable SME s to mitigate problems of technological backwardness and enhance their access to new technologies, it is imperative to give them a conducive environment, which in the present context of globalization, calls for redefining approaches with knowledge (Innovation, Technology, Entrepreneurship, Advancements in ICT) playing a predominant role. Various measures adopted by Government of India, Reserve Bank of India and SIDBI have attempted to alleviate the problems of SMEs. These initiatives coupled with other developments in the economic environment will enhance the prospects of SMEs.. While looking into new approaches to strengthen SME effectively, one has to understand their limitations also, which are: Low Capital base. Inadequate exposure to international environment. Inadequate Research and Development. Lack of professionalism. Non-availability of technically trained human resources Conclusion With increasing globalization and entry of multinationals, immense opportunities have been created for outsourcing, sub-contracting and ancillarisation of the products manufactured by corporate particularly in 64 core sectors like automobiles, engineering and consumer electronics. A vibrant SME can derive maximum benefit of these developments. By its less capital intensive and high labour absorption nature, SME will make significant contributions to employment generation and also to rural industrialization. This sector is ideally suited to build on the strengths of the traditional skills and knowledge, by infusion of technologies, capital and innovative marketing practices. This is the opportune time to set up projects in the small-scale sector. The diversity in production systems and demand structures will ensure long term coexistence of many layers of demand for consumer products / technologies / processes. There will be flourishing and well grounded markets for the same product / process, differentiated by quality, the value added and sophistication. This characteristic of the Indian economy will allow complementary existence for various diverse types of units. International Journal of Management 17

5 References [1] Bala Subrahmanya, M.H., Development Strategies for Indian SMEs: Promoting Linkages with Global Transnational Corporations, Management Research News, September 2007, Vol. 30, Issue 10, pp [2] Ncsb2006.se/pdf/ Enterpreneuship.pdf [3] The HINDU survey of Indian Industry 2012 [4] International Journal of Management 18

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