Innovation and Competitiveness – Small and Medium Enterprises in India
Keywords:
Innovation, competitiveness, SMEsAbstract
Innovation is highly essential for rapid development of Small and medium enterprise sectors in any country economy, mostly this sector plays vital role in developing countries towards employment, income generation and regional development. India can achieve its socio-economic objectives by focusing on gainful employment for millions of educated youth and by helping millions of others transition from an overburdened agricultural sector to the small-scale manufacturing and service sectors in the next decade. The small and medium enterprises (SMEs) have been recognized as engines of equitable economic growth and development. An extremely important barrier to competitiveness in the SMEs sector is the lack of knowledge, skill and resource conducive to innovation drives. According to surveys by the National Knowledge Commission 70,56 and 17 percent of SMEs have introduced innovation that is new to the industry, new to India and new to the world respectively therefore, implying that 17 percent of the SMEs are highly innovative. High-end innovation gives competitive advantage to the firm and industry in global level market. Today SME sector has facing number of problem at a same time foreign countries has giving high competition in global trade ,for avoiding this situation firms should invent innovative technology and multidimensional products . This paper is explaining various innovative aspects and how it is impact on development of Indian SMEs sector.
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