SME's as Growth Driver of Indian Economy: Strategic HR Issues and Perspectives

What is it about?

Over the last few decades there has been a tremendous growth in small and medium enterprises (SMEs). SMEs have come to play a mounting role in growth of developing nations. A number of countries have witnessed successful SME-led economic growth and development. In India, 95 percent of industrial units (3.4 million) are in small-scale sector with a 40 percent value addition in the manufacturing sector. Enterprises of this type provide the second highest employment level after agriculture and account for the 40 percent of industrial production. Indian SMEs need to reduce overall cost of products to remain competitive with Chinese manufacturers and exporters. Apart from other functional areas such as production, finance, marketing, inventory and logistics, SMEs also need to focus on implementing best HR practices.

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Photo by Memento Media on Unsplash

Photo by Memento Media on Unsplash