Small Businesses and Franchising
Business Organization and Management
56 Pages Posted: 18 Jul 2019
Date Written: July 18, 2019
Small and medium enterprises (SMEs) play a predominant role in most developed and developing economies not only because of their number and variety but also on account of their involvement in all business activities in an economy. SMEs, as a major part of the private sector, comprise more than 90 per cent of all enterprises in the world and are, on an average, responsible for 80 to 90 per cent of the total employment.
In India, 95 per cent of the country’s industrial units come under micro, small and medium enterprises (MSMEs). The role of MSMEs in the economic and social development of the country is well known. Small enterprises are the nursery for entrepreneurship, often driven by individual creativity and innovation, and make significant contribution in the country’s GDP, manufacturing output, exports, and employment generation.
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