SMEs: Backbone of Economy
S. Mohini Ratna,
There is no denying that small and medium enterprises (SMEs) form the backbone of any economy, be it developed or developing ones. And anyone who takes a lackadaisical attitude to this sector of the economy does so at his own peril. Hence, it is an absolute must that we should keep updating our skills on this happening sector of the economy. According to estimates, more than 90 per cent of the companies in the US have less than 50 employees and more than 50 per cent of exports from the country are done by companies with less than 20 employees.
In India, contribution of micro, small and medium enterprises (MSMEs) towards generation of employment is immense. This sector contributes significantly to the manufacturing output and national exports in the range of 45 per cent and 40 per cent, respectively. It is incumbent on the Government to encourage entrepreneurship and the growth of such ventures. This can be done by providing access to capital.
The Union Budget 2011-12 has once again rightly recognized the role Information Technology (IT) plays in the overall economic development and service delivery. Overall expenditure on IT in India will increase - thanks to Cabinet's approval in regard to IT infrastructure backbone for GST, rural broadband connectivity, adoption of green computing, national knowledge network connectivity of research institutions.
Internet has been abuzz in the past few days with prophecies of natural disasters such as earthquakes and storms coming in the wake of the full moon on March. But, after Friday's tsunami in Japan, the new buzz has crept in - semiconductors may get pricier in the days to come.
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