Catalyzing SME Growth in India

Small and medium enterprises (SMEs) are playing a vital role in the Indian economy. SMEs contribute significantly to the nation by providing employment, generating foreign exchange, contributing to the economy, and providing goods & services to the people at affordable costs. SMEs are very crucial to removing regional disparities in many areas. To promote and uplift SMEs, the government is providing support and encouraging citizens to set up their own companies through governmental-level schemes. Startup India and Make in India are some of the schemes launched to encourage students and citizens of India who have business ideas. SMEs act as catalysts for enhancing growth. They provide many benefits to the people and also to the nation. Hence, the authors formulated the following problem statement: How do SMEs foster growth and help our country become a developed one? To answer this, the authors have set the following objectives as part of this study’s scope: (1) to identify the opportunities and challenges for SMEs in the existing scenario; (2) to assess the level of governmental support to minimize the observed challenges to the growth of SMEs.