Globally, SMEs’ role in development and job creation has been well recognized. In India, post-independence, SMEs gained in importance with the advent of planned economy from 1951 till 1991 as the subsequent industrial policy followed by the Government earmarked a special role for the SME segment. Due protection was accorded to the segment till 1991. SMEs always represented the model of socio-economic policies of the Government of India which emphasized judicious use of foreign exchange for import of capital goods and inputs, labor-intensive mode of production, employment generation, non-concentration of economic power in the hands of a few, discouraging monopolistic practices of production and marketing, and effective contribution to foreign exchange earning of the nation with low import-intensive operations. Small and Medium Enterprises or SMEs, as they are popularly known, have for long been an important part of businesses. Indeed, SMEs have remained a key engine of economic growth, job creation, and prosperity. However, while the process of globalization and liberalization gathers momentum across the globe, SMEs face tremendous challenges as they strive to sustain and survive. Some of the major challenges faced by SMEs include access to finance, low R&D investment, lack of access to technology, lack of product innovation and increasing competition. The book attempts to comprehensively explore the SMEs sector in India and study various aspects related to their functioning like knowledge management, supply chain management, adoption of ICT, innovative marketing strategies, role of clusters and export competitiveness that essentially help them have an edge over their competitors, face various issues and challenges and overcome these issues to emerge successfully due to the measures adopted by them.
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