SMEs Play Key Role in Economic Growth and Creating Jobs in US & India

Small and medium enterprises are backbone to the Indian and US economy. The contribution of SMEs to the country’s economy is increasing rapidly. SMEs play a key role in economic recovery, creating jobs and stimulating growth in both US and India. While creating a favourable business and policy environment to SME sector, their performance and contribution will still increase. The engagement between both countries can be made more meaningful by focusing on enterprise-to-enterprise cooperation. Defence Procurement and ICT (Information and Communication Technology) are the priority sectors for the US companies, while exploring commercial opportunities with India.

The SME sector would also help achieve bilateral trade targets. US will be benefited by investing in the Indian SME sector, due to the synergy present between the two countries. Indian SMEs were found to be a good low investment and high return opportunity, besides being flexible, reliable, and adaptable and quality conscious. Even the intellectual property rights are respected in India. Indian SMEs will get ample opportunities because of the Procurement Policy and Defence Production Policy and IT enablement of SMEs.

According to the Embassy of the United States, SME sector will contribute to the next phase of growth in Indo-US bilateral economic relations. GEMS (Growth in Emerging Metropolitan Sectors) program, which is initiated by the US Department of Commerce, will increase the growth of business. The platform will give strength to the Indian and US businesses and will take it to the next level of partnership.

Source: Economic Times

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