The importance of small business in India is increasing day by day from the economic perspective of the country because small business now encompasses almost 95% of the country’s industrial units. Small business in India is bound to be in the limelight as it makes the greatest contribution to India’s economy.
Small business in India produces thousands of varied products and in the process employs approximately half of the total private sector work force. The giant workforce that this sector is supporting exceeds three lakhs and the product value from small business in India has surpassed an astonishing Rs. 587.19 crores.
India is a major hub of business possibilities and innovation. Even then small business in India has seen minor setbacks due to the lack of a systematic approach and sustainable long-term plans. On one hand it is filling the niche markets and on the other hand it is being subjected to increased competition from all corners.
The economy of India has been booming with explosion of entrepreneurial opportunities and free enterprises. But sadly enough, the invaluable contributions being made by small business in India is being overshadowed by the growing importance of India in the global scenario as a major industrial hub. A case in point is where many small retailers are losing their existence with the infiltration of organized retail in a major way into the country’s economy.