Micro and Small Enterprises (MSMEs) represent the model of socio-economic policies of Governments, which emphasise job creation at all levels of income stratum and diffusion of economic power in the hands of few, thereby discouraging monopolistic practices of production and marketing; and in all prospects contributing to growth of economy and foreign exchange earning with low import-intensive operations. SMEs virtually constitute the backbone of several developing and least developed economies. They, along with micro enterprises, have been identified as a highly potential sector for employment generation and provision of livelihood to millions of people.
In the current market scenario, consumer predilection and market standards have become more sophisticated and challenging. Competitive advantage is now defined by numerous parameters such as quality of the product, health and safety, ecologically attuned products and processes. Moreover, market conditions are continuously changing by the rapid advances in ICT and bio-engineering. With Business environment becoming highly competitive, small enterprises are confronted with the challenge to adapt, survive and prosper.
MSMEs generally lack a voice at national level and have limited access to government services in most of the developing economies. To create a favorable environment for the SMEs to grow sustainably, local empowerment plays a key role. Through various policies and programmes, governments support MSME sector so as to enable them to contribute significantly to their economy. But still government’s role in supporting the development of entrepreneurship limits to reaching only a fraction of MSMEs due to many factors such as lack of knowledge about the schemes, lack of expertise to undergo capacity building, financial limitations, etc.
To overcome these challenges, the new growth perspective necessitates a change in both outlook and practices – in other words, a new or different approach for the promotion of the MSME sector. One solution is through the maintenance of continual access to the global information and knowledge, including market standards, marketing opportunities and innovative technologies.
World Association for Small and Medium Enterprises (WASME) – a global non-governmental organization headquartered at Noida, India – has been spearheading the cause and development of Small and Medium Enterprises (SMEs) world over since its inception in 1980.
WASME welcomes all the stakeholders to join hands for the entrepreneurship development world over. Our vision is to build a cohesive community of Micro, Small and Medium Enterprises, take necessary action to strengthen them and positively impact the overall global economy.
With best wishes