India’s manufacturing sector plays a vital role in driving economic growth and generating employment opportunities. Within this sector, Small and Medium Enterprises (SMEs) form the backbone of the Indian economy, contributing significantly to production, exports and innovation. The industry leaders in the manufacturing sector here are key contributors to a wide range of products. These products include consumer goods, industrial equipment and components and intermediate goods that cater to the domestic market and actively participate in global supply chains, helping our export competitiveness.
It is interesting to witness how, in India, SMEs in the manufacturing sector are breeding grounds for innovation. They have the agility and flexibility to adapt to market demands, experiment with new ideas and develop innovative products and processes. These enterprises play a crucial role in fostering indigenous research and development, thereby promoting technological advancement.
Challenges for SMEs
Limited access to finance: One of the major obstacles faced by SMEs is the limited availability of affordable finance. Traditional financial institutions often perceive SMEs as high-risk borrowers, making it difficult for them to secure loans or investment capital. This hampers their ability to invest in technology, infrastructure and skilled labour, restricting their capacity for growth and innovation. Additionally, the rise in start-up culture has made investors disrupt the market to grow faster instead of assisting SMEs that are trying to develop a more secure and structured way of growing, making it even more difficult for these segments to sustain the competition.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Smart Automation and Blockchain: Driving future of the EV industry
The Electric Vehicle (EV) industry is rapidly transforming, driven by advancements in smart automation and blockchain technology.
The unsung heroes funding modern manufacturing innovations
In the intricate landscape of modern manufacturing, the reliable and efficient delivery of electrical power is paramount.
Revolutionising Automation: The Role of Cobots in Modern Industries
In today's industries, cobots are pivotal in driving innovation and productivity through automation.
Aerospace Industry embraces innovation for future growth
This article showcases how the industry prioritises adopting smart manufacturing technologies such as automation, robotics, machine vision, digital technologies, and cybersecurity to address manufacturing challenges and achieve broader factory goals.
Harnessing Artificial Intelligence for enhanced Industrial Safety
Industrial safety stands as a paramount concern for businesses worldwide, ensuring the well-being of employees and the integrity of operations.
EtherCAT G Ultimate I/O performance for high-performance machines
EtherCAT reaches the next performance level with the EtherCAT G technology extension through its capability to superimpose itself on Gigabit Ethernet for particularly data-intensive applications.
Extreme High-Speed Laser Application (EHLA): Redefining Additive Manufacturing Efficiency
The landscape of Additive Manufacturing (AM) persists in altering conventional manufacturing norms, presenting unmatched adaptability and productivity. Within this piece, we explore the complex realm of Directed Energy Deposition (DED) AM, investigating its crucial contribution to crafting extensive, detailed components for various industrial uses.
The significance of bearings in India's Textile Industry
India's textile sector, a powerhouse in global trade, is poised for remarkable growth, fueled by strategic investments and technological advancements.
Chemistry for Good Embracing Green Chemistry Principles for a Better Tomorrow
This Cover Story takes readers on a journey across the revolutionary field of green chemistry, examining its guiding principles, noteworthy accomplishments, and industry-wide disruptive impact.
Securing And Safeguarding Humans, Machines, And Robots
The evolution of robotics and automation in manufacturing is driven by digitalisation and Industry 4.0. The increasing presence of robots beyond traditional factory floors, emphasises collaborative robots’ role in safer operations. Pilz as a global leader in safety and automation technology, details its commitment to address the evolving challenges and providing safe automation solutions to manufacturers worldwide, particularly in India.