In order to push the country's largest growth engine the small and medium enterprises (SMEs) on a high growth trajectory, experts feel growth and empowerment of entrepreneurs need focused and concentrated attention. Ahead of the India's largest knowledge sharing platform for SMEs to be held in Mumbai on February 18, the SME Forum has tabled several initiatives like knowledge sharing, mentoring program and cluster initiative in its efforts to carve a road to progress for the entrepreneurs.
Several studies and personal interactions conducted by the SME Forum with the entrepreneurs across major cities brought to light that SMEs are constrained by gaps in the current financial system such as high administrative costs, high collateral requirements and lack of understanding of the fund accessibility preparedness, which have created barriers to the growth of the sector.
Laying emphasis on the micro vision, Sushma Morthania, director general of India SME Forum says that,"Going forward the challenges hampering the survival of the small and medium sector are formidable & we need a highly balanced and focused approach towards creating a sustainable entrepreneurial ecosystem in India. Statistics show that more SMEs close shop than new ones opening up. Unless lots of new entrepreneurs enter the system and create more jobs, it is going to be extremely difficult to find jobs for our growing working age population and that can create huge instability."