The impact of Small and Medium Enterprises in India
SMEs form the backbone of the Indian economy. Big industries rely on SMEs as a support system in their supply chain as they actively strengthen the Indian economy by creating jobs and niche products for the market.
SMEs account for 45% of industrial output and 40% of the total exports in India and given that most of India’s population lives in villages and first tier and second tier cities, SMEs are increasingly seen as a key factor in energising the Indian economy.
India has made remarkable progress in easing processes for business. In the World Bank’s ‘Ease of Doing Business Report 2019’, India further improved its ranking to reach 63rd in the Ease of Doing Business global rankings, up from 142 in 2015 – a rise of 79 positions in just five years.
This improved business climate provides new opportunities for SMEs of the UK to esta