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> ‘S’mall; but ‘M’assively ‘E’xciting
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‘S’mall; but ‘M’assively ‘E’xciting
If entrepreneurship can save India, SMEs can save entrepreneurship...
It is no hidden truth that agriculture alone cannot address the growing unemployment and poverty in rural India. With Indian agriculture relying chiefly on rains and other climatic conditions, it’s vital to provide these farmers with an alternative method of income. What can be better than creating awareness about SMEs (Small and Medium Enterprises). If studies are to be believed, SMEs are growing at no less than 12%; but then, this growth has not percolated down the most destitute parts of the society.
With the demand of Indian handicrafts recording a turnover of US $1.9 billion in the last decade and with growth prospects of 15% [contributing 10% to the world handicraft export market], this industry deserves a bigger and better focus than it currently has. A recent study by Zinnov Management Consulting reveals that the Indian SME market stands in terms of volume at 35 million units, with retail contributing 52%; but again, the concentration is more towards urban cities. It’s important for policy makers to create more awareness and provide training for SMEs rather than just providing them with loans and financial aid.
Moreover, in order to increase the reach of SMEs, technology intervention is a must, which can further allow SMEs to reach international customers and increase their export and customer base. Even allowing these SMEs to participate in various ‘handicrafts fair’ will allow them to reach their audience easily. The rise of SMEs will not only inculcate entrepreneurial spirit to a large extent but will also help remove disguised unemployment in rural areas. Clearly, only entrepreneurship can enable masses to be employed; and SME promotion is a heaven of a solution for India.
By:- Sray Agarwal
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