The labour intensity of this sector is much higher than that of the large enterprises.
It is a nursery of entrepreneurship, often driven by individual creativity and innovation.
Indian Small and Medium Enterprises (SME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades.
SMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural areas.
SMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country.
The Sector consisting of 36 million units, as of today, provides employment to over 80 million persons.
The Sector through more than 6,000 products contributes about 8% to GDP besides 45% to the total manufacturing output and 40% to the exports from the country
Tamil Nadu accounts for the largest number of (15.07 %) Micro, Small and Medium Enterprises (MSMEs) in the country with 6.89 lakhs registered MSMEs, producing over 8,000 varieties of product for a total investment of more than Rs.32,008 crores.
Definition of MSMEs in India
(As Per Micro, Small & Medium Enterprises Development (MSMED) Act, 2006)
(As Per Micro, Small & Medium Enterprises Development (MSMED) Act, 2006)
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