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Enabling Small and Medium Enterprises to Target Globalization

D Nagayya and T V Rao

The IUP Journal of Managerial Economics, 2011, vol. IX, issue 4, 15-32

Abstract: Micro, Small and Medium Enterprise (MSME) sector has been undergoing a metamorphosis in the era of globalization for over a decade and a half. Many developments of relevance to SMEs, have taken place within the country and internationally. Globalization resulting in fierce competition in various product lines has forced the SME sector to adopt strategies in tune with the global trends. A number of programs of cluster-specific and firm-specific approaches are being pursued by all-India organizations with a wide network of institutions associated with various functions supporting the SME sector at different levels. The present paper discusses a few key approaches such as the MSMED Act 2006, policy of dereservation, greater equity participation, cluster development approach, and National Manufacturing Competitiveness Program, which help the SME sector to reorient itself to face the challenges posed by increased competition as a result of globalization. In an increasingly globalized competitive scenario, the SMEs have to upgrade their capabilities by innovation and adoption of advanced technologies and modern management practices.

Date: 2011
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Handle: RePEc:icf:icfjme:v:09:y:2011:i:4:p:15-32