Globalization Of Entrepreneurship: Overwhelming Institutional Response In Favor Of SMEs In India

Abstract

India’s approach to the promotion of entrepreneurial firms is unique, and to some extent, overwhelming. The country has a dedicated ministry for small scale industries at the federal level supported by several agencies at federal and state levels. Besides, numerous commercial banks, regional rural banks, urban and cooperative credit lending institutions participate in funding the micro, small, and medium enterprises. Such an effort, though seemingly superfluous, is the dire need for a country to enhance the competitiveness of entrepreneurial firms in order to unite them under an organized structure and integrate their operations into that of major global firms. Three national-level Entrepreneurship Development Institutes are engaged in skill development. This paper offers a critique of the present policy with regards to the SMEs with a prospective outlook into their future.