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Future of SMEs in India: Opportunities and Challenges
A report submitted to
Prof. Deepak Sinha
as part of academic requirement for
Course titled
Corporate Strategy
by
Group 1
Aravind V (1011157)
Neha Rani (1011186)
Chaitanya Kumar P (1011305)
Sagarika A (1011348)
Sylvia Grace (1011366)
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Contents........................................................................................................................... 1
Future of SMEs in India: Opportunities and Challenges ......................................1
Contents ................................................................................................................ 2
Introduction ........................................................................................................ 4
Advantages of SMEs ........................................................................................... 4
Challenges faced by SMEs .................................................................................. 5
Capabilities and resources required to emulate large enterprises: ....................7
Role of Government: Existing policy and drawbacks .......................................11
Comparison of SMEs: India vs. Other developed countries ..............................13
The Role of Government in SME Development in Transition Economies David
Smallbone ............................................................................................................ 14
Do SMEs in India have the potential to become giants in next few years? .......16
Industry-wise analysis ...................................................................................... 18
Conclusion: the future of SMEs in India ............................................................ 21
Exhibits ............................................................................................................. 22
Exhibit 1: abbreviations....................................................................................22
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Introduction
Small and Medium Enterprises play a vital role in the growth of the Indian economy. India
sees a dominant presence of SMEs in both manufacturing and service sectors. According to
the ministry of MSME, asmall service enterprise is one where the investment in equipment
is between ten lakh and two crore rupees and a medium service enterprise is one where the
investment in equipment is between two crore and five crore rupees. A small manufacturing
enterprise is one where the investment in plant and machinery is between 25 lakh and five
crore rupees and a medium manufacturing enterprise in one where investment in plant and
machinery is between five crore and ten crore rupees. According to estimates, in terms of
value, the sector accounts for about 45 per cent of the manufacturing output and 40 percent of
the total exports of India. The SME sector employs about 42 million people in over 13
million units throughout the countryi. There are more than 6000 products, ranging from
traditional to high-tech items, which are being manufactured by the Indian SMEs. In India, 95
percent of industrial units are in small-scale sector with a 40 percent value addition in the
manufacturing sector. Indian SMEs are important to the Indian economic system as they
provide second highest employment levels after agriculture. Their potential to generate
employment, bolster exports and bring flexibility into Indias business environment drives the
Indian policymakers to concentrate on SMEs.
Advantages of SMEs
Customer service:
SMEs understand end customers needs better given their proximity to them. Thus, they are
in a better position to offer personalized services to customers.
Flexibility:
SMEs are very agile because of their lean structure and their inherent ability to sense market
changes. This is possible because of small size of their target market and easy access to
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market place information. Thus, SMEs have the advantage of faster and better adaptation to
new needs, tastes and preferences of consumers.
High labour productivity:Workers in SMEs are more motivated in than those in large enterprises because of their
continuous interaction with employers and very closely knit workforce.
Challenges faced by SMEs
Low access to funds:
The main challenge faced by SMEs is timely and adequate access to funds. This is because
banks and other financial institutions have a bias against small loan portfolios. To circumvent
this problem, RBI formulated guidelines that banks do not insist upon collateral against a
loan to SME.
Also banks are sceptical to lend to SMEs mainly because of lack of transparency regarding
their financial conditions. Evidence states that a significant proportion of lending to SMEs in
transformed into NPAs. This makes banks/other Financial Institutions (FIs) to be risk averse
until they get detailed financial information about the concerned small/medium enterprise.
For e.g.: Statistics say that around 98% of sick units are from small scale industries. These
numbers put the lenders at much higher risk.
SMEs tend to receive very little investment, including both foreign direct investment and
local private investment. They are often seen as too small by investors or too large to receive
support from microfinance institutions and development agencies.
Lack of adequate systems:
SMEs face problems due to lack of standardization and proper planning. Half of these
problems might be attributed to lack of proper IT systems in place. Because of lack of proper
IT systems, SMEs face the problem of collecting and archiving information for further use.
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Lack of skilled workforce:
Though SMEs help the economy by creating employment locally but because of attractive
wages offered by large enterprises, it is difficult to retain talent in SMEs. Also, the flat
structure of SMEs restricts the prospect of growth for employees and this might hit their
career goals, leading to dissatisfaction and attrition.
Lack of proper infrastructure:
Low access to funds is often transformed into poor infrastructure. These infrastructure gaps
are different for SMEs in urban and rural areas. Amongst others, the prime infrastructure
related problems are irregular supply of electricity, water supply, poor communication
facilities etc. Similarly, poor transportation facilities, especially in rural and semi-urban areas
have been cited as constraints encountered by small enterprises in gaining rapid access to
newer and larger markets.
Narrow focus:
Trade liberalization has increased the capacity of well-established foreign manufacturers and
retailers to penetrate both remote and underdeveloped markets. Thus, global competition
confronts purely domestic, whose product and sales are extremely localized and/or
segmented. Against this development, local SMEs find it increasingly difficult to survive or
even maintain their current business position in their respective markets.
High costs in development:
Local SMEs are at a disadvantage with respect to latest technology, machinery etc. Thus, the
adopt conventional ways of production, which increases their cost and production time.
Major problem with Indian SMEs is that they operate at very low scale of production and this
hinders their capacity to reduce the costs of products and engage in technological upgrades.
Capturing a certain scale of operations is very critical in SMEs growth path.
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Less R&D:
SMEs have rich knowledge of local markets but they do not have the required expertise to
innovate rapidly and provide new market offerings.
Inadequate business protection plan/ Inability to withstand downturns
or shocks
SMEs dont have an adequate business protection plan to protect them from downturns or
business risks. This is important because owing to their small size and limited resource
availability, SMEs are more prone to buckle under downturns or misfortunes in business.
Therefore, it is very important to identify possible negative shocks or business risks that are
most predominant among small firms and take appropriate measures to minimize those risks
by suitable business protection plans. The business risks that SMEs are vulnerable to are
excessive dependence on single supplier or distributor, late payment disrupting the working
capital management, price fluctuations, dependence on single promoter, ignorance of
international environmental and IP laws. SMEs in many cases are either unaware about the
possible business risks, or wherever they are aware, have limited financial capability to have
a hedged exposure to such risks.
Capabilities and resources required to emulate large
enterprises:
Building competitiveness in production:
SMEs can be made competitive by reducing the costs in production, strengthening product
service/quality. To attain competitive position, SMEs should concentrate on building superior
technological expertise, strengthening marketing and sales strategies to cater to larger group
of customers. It should also make conscious efforts to recruit and retain talented pool of
workers.
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Cluster formation can enhance the competitiveness and sustainability of the SMEs. For
example, the auto components sector in India is dominated by SMEs. The SMEs in the auto
component sector had formed clusters in 3 regions: Gurgaon, Chennai and Pune. These
clusters provide ideal setting for SMEs to access support systems, increase participation in
international markets, disseminate best practices, and distribute the fixed costs of
infrastructure amongst themselves. Creation of export consortia can also be applied to
enhance cluster competitiveness.
Catering to international (large) markets:
SMEs have poor access to international markets. This is not just due to the shortage of funds
and investment, but also due to difficulties confronting SMEs in identifying foreign business
opportunities, contacting potential overseas customers, and accessing export distribution
channels. As a result, SMEs are less likely to be able to export directly and often end up
being sub-contractors for recognised companies.
To circumvent this, SMEs should understand government policies clearly and try to work in
close collaboration with various government agencies. After export duties are cut down
drastically, with the introduction of STPIs and SEZs, these small and medium enterprises
should look at targeting international markets.
Innovation in product offering and quality:
SMEs should formalize the information they get from the marketplace in systems. This
information should be used to understand consumer preferences and innovate accordingly.
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To build this capability, they need to work with large enterprises to use physical resources on
a shared basis. Also, SMEs need skilled human resources to improve their R&D capabilities.
This capability can be built by tying up with education institutions and other service agencies
and impart superior training to their employees on best business practices in the sector of
their operation.
Difficulty in scaling up due to informal operation systems
SMEs that are successful as small ventures may face strategic, operational and organizational
challenges in managing their growth to the next level. Most of the SMEs have an informal
operation systems in place that may be sufficient to cater to low-volume needs. However, as
an enterprise grows larger, the operations systems may buckle under the increasing scale and
complexity of demand. Moreover, now there is pressure to deliver on multiple performance
dimensions like quality, cost and delivery. SMEs therefore need to conceptualize and manage
the transition from non-formal to formal systems for coordination of their operations. SMEs
need to acquire capabilities in Operations Management and Information Technologies in
order to scale up successfully.
Better Decision-making
To scale up and compete with larger enterprises, SMEs will need better decision-making that
can only come from having skilled and experienced senior management. However, SMEs
face serious talent crunch at the higher levels because their pay package and brand equity can
not beat that of the larger players.
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Role of Government: Existing policy and drawbacks
Government provides various incentives to SME units by reserving few manufacturing goods
exclusively for manufacturers of SSI, through State small Industries development
corporations (SSIDCS) provide raw material, Financing on concessional terms to micro and
tiny units, excise duty concessions, Assistance in providing marketing support to their
products and pricing preference
Level Field: In India, definition of SME is based on capital investment. As most of the
incentives are based on these criteria, Firms do not want to graduate from micro, tiny, SSI
and medium scale. These limit the investment in up grading technology by these firms to
receive the incentives. In most of the other countries like China, Indonesia, Malaysia, USA,
Germany and Japan definition of SME is labour-intensive rather than capital-intensive.
Distinction between one-time and continuous support: Tiny sector needs sustained support,
whereas support to SMEs needs to be one-time. The one-time support can be in the form of
cheap loan, land allocation, access to infrastructure. Fiscal concession beyond a certain limit
acts as a dampener to growth to SME sector. There is a need for differential treatment for
Urban and Rural SMEs as this should compensate the locational disadvantage. But as of now
this is not taken care by Government of India
Links between SMEs and Organised big players: As of now, Government is not facilitating
links between SMEs and big players. Small-scale units can produce at low cost with design
inputs and quality control being supplied by the large firms.
Growth centres: As of now Governments assistance is at individual level, but emphasis
should be developing growth centres as an agglomeration of SMEs.
Other important measures initiated by the Indian government are:
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1) Increase in composite loan from 2 lakh to 50 lakh 2) Lending through non-banking
financial companies 3) New insurance scheme to provide security to lenders (This scheme
popular in Malaysia as Credit guarantee Corporation is very successful in supporting SME)1
4) Funds through 50,000 SHGs to fund micro enterprises 5) Custom duty rationalisation 6)
Increase in project limit under NEF to 50 Lakh 7) Loan limit under credit-linked capital
subsidy has been raised to 1 crore for technology up gradation 9) Under SIDBIs program
SME can avail funds at 2% below prime lending rate 10) Better coordination between SIDBI
and commercial bank branches 11) 497 specialized SSI branches have been set up to fund
SSI
Two aspects of globalisation has been threatening SME survival 1) SMEs seeking to compete
beyond national boundaries 2) Domestic SMEs subjected to impending competition from
across the border.
So SMEs should bring together their technical capabilities, integrate with capital markets and
assimilate limited foreign ownership. Therefore the policy trust should be on technology
upgradation, modernisation and technology oriented entrepreneurship.2
1 http://isb.sagepub.com/content/23/4/427.full.pdf+html2A New Deal for Small and Medium Enterprises in India
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Comparison of SMEs: India vs. Other developed countries 3
Innovation: In Japan, 50% of SMEs develop new products by combining existing
technology, and overall 62% of SMEs have developed new products. This level of innovation
is embedded in the policy of SMEs in Japan. Contrary to this, Indian SME policy is mostly
revolved around technology development. Our SMEs depends mostly on technology transfer
rather than on in-house technological innovations. Even in the latest MSMED Act 2006, there
is no reference to promoting innovation. Even in country like China, to encourage innovation
they have introduced The SME Innovation fund4, where evaluation is done based on
technology, accounting and management of the unit.
Integration of Industries: In Japan, the major industrial structure is the integration of
industrial enterprises of varying sizes through subcontracting. This is the distinctive feature in
Japan under which SMEs thrived. In India, SMEs are not highly integrated with big players.
They mostly have informal agreements with big players and without any partnership they
operate on vendor-seller relationship. It was the new product needs of major customers,
which gave an immediate push to the innovations of Japanese SME whereas it is the constant
touch with the customers, own perception of entrepreneurs and periodic visits to international
exhibitions, which played a crucial role in the innovations of Indian SME
Adaptability: In Japan, owing to extended recession, changes in global industrial structure
and advances in Information technology had put SMEs in a precarious situation. But because
of high integration with big players, they came up with the following strategies 1) Specialize
in developing new products and new technologies 2) Implement process innovation that
incorporates inventions and intellectual know-how 3) Manufacture high value products as
well as develop new products as demanded by the customers. A major player guides SMEs
3
Nature and strategy of product innovations in SMEs M H Bala Subrahmanya
4 http://info.worldbank.org/etools/docs/library/49274/yao2.pdf
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which are integrated to it through various quality measures for example Canon helped SME
Sanei to acquire ISO 14001 certification, collaboration with its employees for development of
new products. Because of this mentoring from Canon, Sanei was able to stave off the threat
of competition. On an average Sanei took around 6 months to come up with new product.
Whereas in India, due to no formal links between industries, lack of R&D infrastructure it
takes around 1 year to develop the product and another six months for approval of customers.
Indian SMEs are conspicuously dependent on government for keeping off competition.
Institute/University Collaboration: Institute collaboration is the major support system for
SMEs in Japan. Most of the innovations that happened in SMEs received help from
universities. In India, this is completely a non availability
The other major inferences from this comparison are below
1) Internal capability development is crucial for long term success 2) External support is
more crucial in a developing country 3) Only product innovation can sail SME through the
competitive environment 4) Product innovation facilitate SME to grow in Size
Conclusion: Policy related changes that affect the overall environment of doing business like
financial institutions, Infrastructure, level field competition, developing a collaborative
linkage between SMEs, Educational institutions and Big players plays a major role than
providing direct supports like subsidies, cash discounts, tax incentives. Although there may
be a case for selective interventions direct support measures are not the main role for
government5. But in an imperfect market, government support partially substitute for the
market to serve the role of a financial intermediary
5
The Role of Government in SME Development in Transition Economies DavidSmallbone
http://isb.sagepub.com/search?author1=David+Smallbone&sortspec=date&submit=Submithttp://isb.sagepub.com/search?author1=David+Smallbone&sortspec=date&submit=Submithttp://isb.sagepub.com/search?author1=David+Smallbone&sortspec=date&submit=Submithttp://isb.sagepub.com/search?author1=David+Smallbone&sortspec=date&submit=Submit -
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Do SMEs in India have the potential to become giants in next
few years?
The growth of SMEs is India has come up in an uncontrolled, unplanned and haphazard
manner. They are present in clustered as well as dispersed manner, in industrial, commercial
and residential areas. These clusters lack reliable and infrastructural facilities such as power,
road, transportation as well as good communication, information and technical inputs. They
need to strengthen their competitiveness which is not an easy task. Though sometimes they
perform better than their larger counterparts it is extremely difficult for them to compete with
them on a bigger time frame. We strongly feel that SMEs in the current scenario are not ready
to compete with the large organizations at least in the coming few years. The following
reasons have been listed to support:
In todays competitive world it is not only important for the organizations to provide
excellent products and services but making the presence known also is an important factor.
Thus it is extremely difficult for the small and medium enterprise with their limited
capabilities and capacity to compete with existing large organizations to make their presence
known. Branding plays a very important role which the SMEs need to realize.
Another major problem that SMEs face is to find finances. It is much harder for them to
borrow money from banks or to find private investors than for larger firms. Financing is
necessary to help them set up and expand their operations, develop new products, and invest
in new staff or production facilities. Since SMEs are usually new to the markets, and have
negative cash flows and untried business models, they present a greater risk to the banks and
thus the financing is much difficult for any SME which is trying to create innovative
productsii.
Another problem that we have identified is that SMEs does not have standard HR processes
like big organizations. One reason is that it is not very economic for them to implement large
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ERP solutions. But at the same time it means that they do not have enough capabilities to
become world class and attract big talents. Effective management of administrative work
enables HR personnel to focus on strategic and value-adding activities. Having a well-
defined/structured employee database helps in streamlining transactional HR processes like
payroll & employee benefits, workforce administration etc. But developing these will take a
lot of time, expense and capability on the part of SMEs iii.
SMEs also need to adapt to the technological changes. They need to make a lot of changes as
technology plays an important part to move up the value chain and provide with business
strategies to provide opportunities. SMEs need to integrate such technologies that can fuel
innovation, enhance business agility, communication and information management, and
merge harmoniously with existing systems and processes. Currently, there is only limited
adoption of the technology by SMEs in India which makes it very difficult for them to
compete with existing big organizations in the marketiv.
SMEs are facing huge competition from the international organizations. Due to globalization,
the cost of transportation and communication has reduced tremendously across borders. India
is a member of WTO, and thus has reduced quantitative restrictions. It is very difficult for
small scale enterprises to compete with the economies of scale provided by these big
organizations. There is introduction of exclusive policy for small industry but that has
reduced the number of items reserved for small industry manufacturing from 842 in 1991 to
239 in 2007v.
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Industry-wise analysis
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S.No. Industry Current Scenario Advantages Risks
1 Auto components 1. Government initiative for cluster-
based development
2. The industryis undergoinga major
restructuringand many existing
companies are expected to move up in
the value chainto a higher tier
1. Cost savings of 25%-30%when
compared to global peers
2. Desingning, engineeringand technical
skills
3. Adaptability to newtechnology
4. Availability of rawmaterials
5. Established quality systems
1. Aglobal slowdowncanderail the
prospects of the industry
2. Tier I manufacturers taking up greenfield
projects overseas
3. Volatility inthe prices of metals and
other inputs could erode the industrys cost
competitiveness
4. Competitionfromcounterparties inother
emerging countries
2 Foodprocessing 1. Diverse nature and a policy of SSI
reservations
1, Inefficient marketing systems are
already beingtargeted
1. Lack of infrastructure facilities interms of
facilities for testing and research2. 75%of the market is divided
betweenthe small scale and the
unorganised sectors
2. Policies are nowpromoting the
participation of private investors that
would promote efficiency in food
processingand agriculture marketing
systems
2. Inadequate knowledge of technical
standards, packagingfacilities, food laws
and regulations
3. Quality rawmaterial supplies
4. Weak information channels withregards
to price and quality
3 Textiles 1. 25%of world cottonyarn exported
fromIndia, ranked 2nd after China
1. Government policies designed to
encourage investments in installing
modern weaving machineryand trying
to eliminatingthe pro-decentralised
sector policyfocus
Acquisition of SMEs bylarge organizations
seems to be the most logical step towards
integratingoperations and buildingthe value
chain
2. Industrial Entrepreneurship
Memorandums implemented to help
SMEs financially
2. Readymade garments, benefited
fromterminationof Multi-Fibre
Arrangement
2.Thoughsignificant investments are being
made inthe textiles segment, the bulk of
themare in the spinningand weaving
segments
3. Man-made textiles exports on
decline, growthin readymade garments
export
3. Reduction incustoms duty, excise
dutyand corporate taxrate
3.Fragmented industry, face delays in
customs clearance and hightransportation
and input costs
4 Pharmaceutical 1. SMEs contribute 35%of theindustrys turnover
1. Development of pharmaceuticalSEZs cansupport the growthof SMEs
whichincludes availabilityof developed
infrastructure, market access, exports,
and excise relief
1. Outsourcingopportunities are beingacquired by mainlyplayers withbetter
economies of scale
2. Increasingspan of price control, 428
drugs under price control
2. SMEs are linkingup with larger
players thus enablingclinical trials and
contract manufacturing
2. Domestic industry need to invest higher
capital inR&Dand need to innovate due to
the introductionof product patent whichis
difficult for SMEs
3. The increase inaverage price of
drugs; due to rise inprices of drugs not
under control and upward revision in
prices of certain controlled drugs owing
to rise ininput costs
3. Regulated market that provide better
value and marginto exporters are difficult
to penetrate due to stringent regulations
5 IT 1. STPI plays developmental role in
promotion of software exports; prime
focus onSMEs
1. DITrecommendations; taxbenefits
oncosts incurred for goods and
services procured fromdomestic
SMEs, tax deductions of up to 20 per
cent of income offered to all IT-ITeS
professionals workingwithSME
companies
1. Small ITplayers need to focus on
partnerships and alliances withbig
organizations to growina competitive
glabalscenario
2. Customapplicationdevelopment
and ITconsultingare major growth
drivers; Retail and distribution &
banking and financial services are the
most promisingverticals
2. Proposals to develop hardware-
manufacturing cluster parks (HMCPs)
under National Electronics/IT
Hardware ManufacturingPolicy
2. To develop global competitiveness,
SMEs need to enhance technological and
organisational capabilities
3. Keyfactors enabling the industryto
achieve success; capability to provide
end-to-end solutions, global delivery
model, focus onstringent processes
and qualityof execution, capabilityto
provide high-end, critical services, and
strong, project management
methodologies and expertise
3. Major revenue fromthe domestic
market with only 35%of revenue
comingfromexports to the Asia Pacific
region; insulated fromrupee
appreciation
3. Industry face bigshortage of manpower
as skilled personnel migrate to the Metros
for higher monetarybenefits
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Conclusion: the future of SMEs in India
The factors required for a small enterprise to grow are listed in the table below. The existing
SMEs are evaluated on these parameters
Infrastructure facilities
In our country, where 77% of the population lives in rural areas, development of
infrastructure plays a major role in the growth of SMEs. Many parts of the country still suffer
from deplorable conditions of infrastructure like transport, telecommunication and electricity.
The integration of rural industries with mainstream industries is proving to be difficult
because of these reasons.
Information asymmetry
The lack of adequate information is another factor limiting the growth of SMEs in India.
Information about suppliers, customers, technical information and market trends are not
available at grass root levels.
Technological knowledgeTechnology not only helps in evolving a multi-pronged strategy but also in maximising
business opportunities for these enterprises. But, due to inadequate information flow and
resources for technical growth, SMEs in India are lagging behind in growth with respect to
their international counterparts.
New Product Development
In India, most SMEs work on designs given to them by domestic or international buyers.
There is very little innovation happening in the product design development and even the
technology being used by SMEs is outdated.
Given these constraints faced by SMEs along with other challenges like low access to funds
and inability to attract bright human talent, we feel that it is difficult for SMEs in India to
replace the existing industrial giants in our country.
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Exhibits
Exhibit 1: abbreviations
SME Small and Medium Scale Enterprise
SSI Small Scale Industry
SSIDCS State Small Industries Development Corporations
SHG Self Help groups
NEF National Equity Fund
SIDBI Small Industries Development bank in India
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ihttp://www.esocialsciences.com/data/eSSResearchPapers/eSSWPArticle20091126151144.pdf
iihttp://www.oecd.org/dataoecd/53/27/37704120.pdf
iiihttp://www.smeworld.org/story/interviews-106/hr-management-smes-need-to-be-customer-
focused-111.php
iv
http://smetimes.tradeindia.com/smetimes/editorial/2011/May/17/smes-need-to-adopt-new-technologies625423.html
v Small and medium enterprise: Past, present and future in India. A paper by KD Raju
http://www.esocialsciences.com/data/eSSResearchPapers/eSSWPArticle20091126151144.pdfhttp://www.oecd.org/dataoecd/53/27/37704120.pdfhttp://www.smeworld.org/story/interviews-106/hr-management-smes-need-to-be-customer-focused-111.phphttp://www.smeworld.org/story/interviews-106/hr-management-smes-need-to-be-customer-focused-111.phphttp://smetimes.tradeindia.com/smetimes/editorial/2011/May/17/smes-need-to-adopt-new-technologies625423.htmlhttp://smetimes.tradeindia.com/smetimes/editorial/2011/May/17/smes-need-to-adopt-new-technologies625423.htmlhttp://www.esocialsciences.com/data/eSSResearchPapers/eSSWPArticle20091126151144.pdfhttp://www.oecd.org/dataoecd/53/27/37704120.pdfhttp://www.smeworld.org/story/interviews-106/hr-management-smes-need-to-be-customer-focused-111.phphttp://www.smeworld.org/story/interviews-106/hr-management-smes-need-to-be-customer-focused-111.phphttp://smetimes.tradeindia.com/smetimes/editorial/2011/May/17/smes-need-to-adopt-new-technologies625423.htmlhttp://smetimes.tradeindia.com/smetimes/editorial/2011/May/17/smes-need-to-adopt-new-technologies625423.html