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Monday, June 14, 2010

40% of fresh came from SMEs after economic recovery:Study

Small and medium units in the country contributed 40 per cent of fresh jobs after the economy started recovering, an Assocham study said.

During the global economic slowdown, the country's small and medium enterprises (SMEs) had laid off about one-fourth of its workforce, the study said.

"...It (SME sector) has been one of the fastest to tide over the gloom (global economic slowdown). This sector alone contributed almost 40 per cent of all jobs created in the economy thereafter," the chamber said.

The Micro, Small and Medium Enterprise (MSME) sector plays a crucial role in the country's economy contributing 45 per cent to industrial output and 40 per cent to exports. There are about 26 million such enterprises employing about 60 million people.

In wake of the global slowdown, the government had provided several fiscal incentives like reduction in excise duty and subsidised interest to small units.

The global slowdown had impacted India in 2008-09, but the economy started showing signs of recovery from the second quarter of 2009-10.

Through the Lenses !

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