The capacity of Small and Medium Enterprises (SMEs) for driving local, regional and national economic growth is owed in large part to their role in generating employment, nurturing entrepreneurship as well as tapping into regional and global networks for expanding exports, specifically defence exports.
The SME sector in India has shown remarkable resilience even under the current trying domestic and global economic circumstances. The sector has maintained an annual growth rate of 10% over the last few years. With a penchant for innovativeness, the sector has exhibited the adaptability to survive economic shocks.
Despite the salient nature and role of SMEs sector and the rhetoric that surrounds them, they remain a relatively neglected area for rigorous research and effective policy making.
In this context, PIF has selected SMEs as one of its focus area for research and policy advocacy. The objective of PIF’s work in this area is to identify policy measures that will enable SMEs to participate more effectively in global production networks; provide the needed capacity for productive utilization of defence off-sets; and contribute more vigorously to India’s efforts at expanding the production and exports of manufactured products.
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