Talk
about any industry, they cannot be said as complete even if one of their aspects
is ignored. Small and Medium Enterprises may be small but as a whole, they have
a huge impact on the industry!
Small
and medium size enterprises in manufacturing have become a driving force for
economic growth in India. It is estimated that half of total or 50% of manufacturing
exports of India are accounted by the SME sector. The impetus of large scale
industry is definitely more than of an SME, but the number of SME’s in India is
far greater than large scale industries which derive its importance.
Talking
about jobs and employment, SME’s are one of the largest job-providing sectors
in India. Approx 29 million people in India are employed in this sector! Just
behind the agriculture sector, they top in employing human resource. 90% of
industrial units that are manufactured in India are manufactured by the SME’s.
Owing to these factors, they have a high share in India’s GDP rise.
SME’s
are either suppliers or manufacturers of finished goods. They are dispersed in
different areas and are linked to each other to carry out the manufacturing
process. On the other hand, large scale industries mostly carry out the whole
manufacturing process under their roof, from managing supplies to getting the
product ready. This makes SME’s to connect with several other SME’s and create
a chain between them. Many large scale industries also depend upon SME’s for
their supplies.
SME
sector has also registered a consistent growth rate compared to the other
sectors in India as it plays a dual role in the manufacturing sector in
preparing the finished goods as well as supplying inputs to the heavy
industries.
It
is also estimated that the augmentation of SME’s will continue to flourish in
the upcoming years. In the period of 20 years, the level of output by Small
scale industries has increased by 20 folds and it will escalate more quickly in
future.
SME’s
can easily adapt to the new changes and trends that hits the market. The
production process can be changed easily and shaped accordingly in an SME, but
for heavy industries, customization of the whole assembly line is required.
This is why SME’s can constantly introduce new products in the market and it
keeps their manufacturing process continuous.
After
employment, the continuity of manufacturing in SME’s forms an important
prospect for the Indian economy. The labor and overhead costs are less
significant in SME’s which results in operation at a better rate. Here if a
function is not performed well by the designated SME, it can be substituted
with another which isn’t possible in large scale ones. This is due to the ample
availability of options.
Solution
Buggy thereby introduces the sector’s first and only platform where these SME’s
can come even with other SME’s to fulfill their requirements of industrial supplies
and consulting. It is also favorable for large scale industries which look for
supplies from the SME’s. The manufacturing sector has a great impact on the
advancement of an economy and therefore a platform where all the manufacturing
heads can address their needs and can prove very beneficial.
Industries
don’t get started being large; they gradually advance and become one! The
emergence of SME’s is always a good sign for the economy and the sector, as it
indicates the sectors nourishing ethnicity.
The
current scenario in the Indian economy is observing an upsurge in the start ups
of these types of industries. If these conditions persist, soon we can say our
economy will surpass the top economies of the world!
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