Before getting to know how many SMEs are there,
you should know first of all what SME is. SME is the abbreviation of Small and
Medium Enterprises. Of late, SMEs are booming and has become an important
sector. It provides employment opportunities, innovation, exports, and also
contributes to the economy.
The government has formulated an act that
enables the SME so that it gets the environment for promotion and development
for the sector. They also provide credit to these SMEs. In case of delayed
payment, they act as a cover to get the payments. The ministry set-up for them
understands their problem and stands by them for removing all the impediments.
If you see globally also, SMEs are thriving but
the rules for them differ from one jurisdiction to another i.e. based on the
government. However, on checking most of the countries follow the same rules
and regulations. Normally, SMEs are decided based on the number of people
working for a particular organization. Currently, in India, the SMEs are
determined based on the plant and machinery and equipment. The total number of
SMEs in India is 42.50 and contributes to 45% of total industrial units. Further
to encourage these SMEs, the government is coming up with new criteria for
them. In case, any lost their job or want to be their own boss then they can
try for SMEs.
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