Innovations for Reviving Small-Scale Industries

Abstract

Given the economic distress worldwide, small and medium scale enterprises (MSME) have been hit hard. Large numbers of workers have been laid off because of depressed demand, piled up inventory, pending retrievables, and squeezed credit market. A sector which provides maximum employment cannot be left to fend for itself without a major transformation led by entrepreneurs, policy makers and also other support organizations. There are several innovative options that one can try at four different levels such as (a) stimulating demand, (b) upgrading technology and skills, (c) promoting innovations for developing new products and services, and (d) forging new partnerships among the entrepreneurs and also with the R&D institutions, grassroots innovation networks and the technology students.