SMEs

The Small & Medium Enterprises (SME) sector is one of the fastest growing industrial sectors all over the world.

Many countries of the world have established a SME Development Agency (SMEDA) as the nodal agency to coordinate and oversee all Government interventions in respect of the development of this sector. In India, the agencies working at various levels are-

• SIDO (Under Ministry of Small Scale Industry)
• UNIDO (United Nations Industrial Development Organisation)
• EU Commission (European Union)
• OECD (Organisation for Economic Co-operation and Development)
• DFID (Department for International Development)

Whereas in the old economy land, labor and capital were the only three generic factors of production, in the new economy, the critical assets are know-how, creativity, intelligence and information. Intelligence embedded in software and technology across a wide range of products has become more important than capital, materials, or labor.