SME market has got a lot of importance in India. There are many SME opportunities for entrepreneurs in the nation. Some of them are listed here.
Among BRIC countries and the U.S., the second largest population of small and medium businesses (SMBs) is found in India.
- SMEs in India contribute to more than 40% of the total industrial output among which 35% is exported.
- About 75% of India’s workforce get employment through SMEs.
- More than 750 Large to Medium Enterprises with investments of more than 60,000 Crores are found in Karnataka alone which employ 4,00,000 people.
- More than 3,80,000 SMEs with investments of just about 10,000 Crores are there which employ about 22,00,000 individuals.
The most common challenges for SMEs in India are implementation of ICT and ERP. The SMEs were found to quote their ERP package rate based on the turnover. However, it was not implemented by many SMEs as they prefer to use simple solutions that can be read and understood by the employees of SMEs particularly in rural areas. Computers were used by just 12% of SMEs. The GDP share of SMEs from the last 55 years was found to be steady between 15% to 18%. It was not affected by economic downturns, geo-political reasons, policy changes, and others.
SMEs got an amazing role in nation building. Potential for small business is exceptionally high in India it seems