MANAGING INNOVATIONS IN INDIAN SMALL AND MEDIUM ENTERPRISES (SMEs): AN ANALYTICAL PERSPECTIVE

Abstract

Small and medium-sized enterprises are essential to the financial system of any country's rapid advancement. They are particularly significant for supporting regional growth, job creation, and revenue generation in emerging countries. India may achieve its socioeconomic objectives in the following ten years by giving millions of educated people gainful employment and helping millions of others move from an overcrowded agricultural industry to the small-scale manufacturing and service sectors. SMEs are renowned for being the driving factors behind equitable economic development and progress. A significant barrier to profitability in the SME sector is the need for knowledge, abilities, and resources that support innovation. Foreign nations are currently providing intense rivalry in international trade while posing various challenges for the SME sector. To escape this predicament, businesses should develop cutting-edge technology and multifaceted products. This paper explains several innovative factors and their effects on the growth of the SME market in India