A PROJECT REPORT ON PERFORMANCE OF SMALL SCALE INDUSTRIES IN INDIA(OPTION B- TERM PAPER) SUBMITTED BY NAVPREET GHUMAN ROLL NO. 530 B.COM (HONS.) FINAL YEAR UNDER THE SUPERVISION OF AMITA CHARAN ASSISTANT PROFESSOR Department of Commerce JANKI DEVI MEMORIAL COLLEGE UNIVERSITY OF DELHI CERTIFICATE As a student of B.COM.(HONS.) final year I have prepared this project on "SMALL SCALE ENTERPRISE IN INDIA ". I certify that the information contained in this report is an original work and fully based on my understanding . It has not been submitted in part or full for any other diploma or degree of any university. I have taken proper care and shown utmost sincerity in completion of this project. This project is prepared in accordance with the guidelines issued by University of Delhi. Amita Charan Mentor Navpreet Ghuman Student ACKNOWLEDGEMENT I want to give my sincere thanks and deep sense of gratitude to my mentor and respected teacher AMITA and to all teachers of J.D.M. College for their valuable guidance, interest and constant encouragement for fulfillment of our project. I am grateful to our college authorities for stocking a rich collection of books and magazines in the library which has acted as great oasis of knowledge aimed the vast deserts of our ignorance. It is a great opportunity for me to work on such an interesting topic which would prove to be great help to me in understanding the relevance of Small Scale Sector to Indian economy in the era of globalization . Navpreet Ghuman {B.com (hons) 3rd year } CONTENTS S.NO. 1. CHAPTER 1 • 2. AIM AND OBJECTIVE OF THE STUDY 5 PARTICULARS PAGE NO. CHAPTER 2 • • • • Definition of Small Scale Industries Classification of Small Scale Industries Regulatory bodies and regulations The Micro, Small and Medium Enterprise Development Act, 2006 6 6-8 8-10 10-13 3. CHAPTER 3 • Research Methodology 14 4. CHAPTER 4 • • • • • • Role Of SSI in Indian Economy Performance Of SSE Issues related to SSE Problems faced by SSE Measures to promote SSE Items reserved for exclusive production in SSE 15-17 18 18-19 19-21 22 22-23 5. CHAPTER 5 • Conclusion 24 CHAPTER 1 AIM AND OBJECTIVES OF THE STUDY AIM OF THE STUDY The aim of this descriptive study is to understand the performance and status of ‘Small Scale Industries’ in India. Small Scale sector in India is considered to have huge potential which is expected to grow and prosper with its wide range of products. It is estimated that with 40 percent share in total industrial output and 35 percent share in exports, the small-scale industrial sector in India is acting as ‘Engine of Growth’ in the new millennium. OBJECTIVES OF THE STUDY The study was an in-depth study of performance of small scale industry in India. The main purpose of the study was to investigate performance, status and potential of small scale industry in India. For achieving this main objective several sub-objectives have been framed as discussed below; • To study the performance and status of small scale sector contributing towards growth of India economy. • To study the employment generation opportunities and exports capacity of this sector • • To figure out the implications and problems faced by small scale sector To analyse the Government measures taken to promote this sector. CHAPTER 2 INTRODUCTION TO THE SMALL SCALE SECTOR DEFINITIONS: SMALL SCALE SECTOR The Small Scale Sector comprises of all those industrial units which have made a smaller investment in fixed assets and employ a smaller number of workers as compared to large scale industrial units. SMALL SCALE INDUSTRY Small Scale Industries has been defined as an industrial undertaking in which the investment in fixed assets in plant and machinery whether held on ownership terms on lease or on hire purchase does not exceed Rs 10 million (subject to the condition that the unit is not owned, controlled or subsidiary of any other industrial undertaking). CLASSIFICATION OF SMALL SCALE SECTOR Under Micro, Small and Medium enterprises Act, 2006 the small scale enterprises in India have been further classified broadly: Classification based on nature of enterprise: (i) Manufacturing: Those engaged in production or manufacturing. (ii) Services: Those engaged in providing/rendering of services. Classification based on investment: Both of the categories of enterprises have been further classified into micro, small and medium enterprises based on their investment in plant and machinery (for manufacturing enterprises) or on equipments ( those providing or rendering services). The present ceiling on investment to be classified as micro, small or medium enterprises is as under: Investment Ceiling For Plant, Machinery or Equipments *@ CLASSIFICATION MICRO Manufacturing Enterprises Up to Rs.25 lakh ($50 thousand) SMALL Above Rs.25 lakh ($50 thousand) & up to Rs.5 crore ($1 million) MEDIUM Above Rs.5 crore ($1 ($2 million) Above Rs.2 crore ($0.40 million) & Above Rs.10 lakh ($20 thousand) & up to Rs.2 crore ($0.40 million) Service Enterprise Up to Rs.10 lakh ($20 thousand) million) & up to Rs.10 crore up to Rs.5 crore ($1 million) *Fixed costs are higher @ $1 = Rs.50 (April 2009) (source: http://www.dcmsme.gov.in/ssiindia/MSME_OVERVIEW09.pdf ) CLASSIFICATION OF SMALL SCALE INDUSTRIES The Small Scale Industrial Sector comprises of i. Traditional Industries like khadi, village industries, handloom, handicrafts, etc. which use manual power and are mostly located in rural areas, and ii. Modern Industries like power loom that use mechanical power and modern machines. The traditional small industries are highly labour-intensive while the modern small-scale units make the use of highly sophisticated machinery and equipment. One special characteristic of traditional small-scale industries is that they cannot provide full time employment to workers, but instead can provide only subsidiary or part time employment to agricultural laborers and artisans. Among traditional village industries, handicrafts possess the highest labour productivity, besides handicrafts make a significant contribution to earning foreign exchange for the country. Nowadays Indian Small-scale industries (SSIs) are mostly modern small-scale industries. Modernization has widened the list of products offered by this industry. The items manufactured in modern Small-scale service & Business enterprises in India now include rubber products, plastic products, chemical products, glass and ceramics, mechanical engineering items, hardware, electrical items, transport equipment, electronic components and equipments, automobile parts, bicycle parts, instruments, sports goods, stationery items and clocks and watches. REGULATORY BODIES AND REGULATIONS FOR SSEs THE MINISTRY The Ministry of Micro, Small and Medium Enterprises (M/o MSME) is the administrative Ministry in the Government of India for all matters relating to Micro, Small and Medium Enterprises. It designs and implements policies and programmes through its field organizations and attached offices for promotion and growth of MSME sector. The Office of the Development Commissioner (MSME) is an attached office of the Ministry of MSME, and is the apex body to advise, coordinate and formulate policies and programmes for the development and promotion of the MSME Sector. The office also maintains liaison with Central Ministries and other Central/State Government agencies/organizations financial institutions. MSME provides many services through its network for small scale industries. Specialised services of Marketing, Export promotion and International co-operation are also available through a series of schemes and incentives. THE INDUSTRIAL DEVELOPMENT BOARD NABARD NABARD was established on the recommendations of Shivaraman Committee, by an act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981. NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It also has the mandate to support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas. In discharging its role as a facilitator for rural prosperity NABARD is entrusted with • • • Providing refinance to lending institutions in finance Bringing about or promoting institutional development Evaluating, monitoring and inspecting the client banks CREDITING AND FINANCING OF SSI Financial assistance in India for MSME units is available from a variety of institutions. The important ones are: • • • Commercial/Regional Rural/Co-operative Banks SIDBI: Small Industries Development Bank of India (refinance and direct lending) SFCs/SIDCs: State Financial Corporations (e.g. Delhi Financial Corporation)/State Industrial Development Corporations. Long and medium term loans are provided by SFCs, SIDBI and SIDCs. Banks also finance term loans. This type of financing is needed to fund purchase of land, construction of factory building/shed and for purchase of machinery and equipment. The short-term loans are required for working capital requirements, which fund the purchase of raw materials and consumables, payment of wages and other immediate manufacturing and administrative expenses. Such loans are generally available from commercial banks. The commercial banks also sanction composite loan comprising of working capital and term loan up to a loan limit of Rs.1 crore. LAWS AND ACTS THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 MSMED act was primarily established to facilitating the promotion and development and for enhancing the competitiveness of micro, small, medium enterprises and for matters connected therewith. The Act is operational from October 2, 2006. The MSMED Act was framed with the following objectives: • • • • To facilitate the promotion and development of micro, small and medium scale enterprises (MSM enterprises); To enhance the competitiveness of MSM enterprises; To concentrate on the related matters of MSM enterprises; To extend the scope of benefits from SSI undertaking and ancillary industries to MSM enterprises. THE MSMED ACT AND ITS IMPACT IMPACT CLAUSE SALIENT FEATURES Statutory Status, compact board and quarterly 1. Establishment of National Small and Medium Enterprises Board, Max. no. of members = 47 Clear-cut demarcation of 2. Concept of Enterprises manufacturing/production and rendering services Specific ceiling limit for 3. Definition of Enterprise enterprise definition for Medium enterprise. 4. Filing of memoranda optional for Micro and Small enterprises in manufacturing and service sector, Medium enterprises in Service Sector Replacement of registration with memorandum Facilitates SMEs to avail the benefits of the act immediately after setting up of the unit. Facilitates SMEs to enter into service enterprises aggressively. Existing small units can graduate into Medium units and 2.Mandatory quarterly meeting 1.Specific representation of women meetings will address problems of SMEs immediately to take corrective action. manufacturing/production and service avail facilities under the act. but mandatory for Medium enterprises in manufacturing sector. Notification of preference policies by 5.Procurement policies central or State Governments for goods and services provided by Micro & Small enterprise Facilitates opportunity for supply of goods/services without any hassles 6. Delayed Payment Penalty & dispute resolution Period of payment by the procuring organizations – 45 days Penal interest 200% of PL Establishment of MSE facilitation Council; SMEs can plan their cash Flow / financial requirement. Easy financial planning and no waste of human resources for chasing/follow up. 7. Dispute Resolution 90 days framework for dispute resolution. 8. Delayed Payment – allowable deduction under IT Act 1961 9. Closure of Business Deduction disallowed u/s 23 of MSMED Act. [Clause 17A of tax audit] Statutory notification of scheme for closure. This will encourage procurement agencies to ensure timely payment to SMEs. Facilitates expedition of Liquidation. 10. Notification of guidelines or instructions for promotion of SMEs – Funds appropriation and release Statutory Mandatory on all facilitating development of SMEs ensuring fast growth. 11. Facilitating Credit Statutory Mandatory on all providing credit. Guidelines for credit for 20% on year growth CHAPTER 3 RESEARCH METHODOLOGY Type of Research A descriptive research has been conducted to find out the position of Small Scale Industries in India through secondary sources. The result is provided in descriptive form. Data Collection The data has been collected from various secondary sources such as internet, books, business magazine and web sources such as www.dcmsme.gov.in. Some of the important referrals and books are also studied for the purpose of data collection and relevant information on the subject matter such as 1. Indian Economy by B.K.Bhargava and Vandana Sethi. 2. Indian Economy by Uma Kapila CHAPTER 4 STATUS AND PERFORMANCE OF SMALL SCALE INDUSTRIES IN INDIA ROLE OF SMALL SCALE INDUSTRIES IN INDIAN ECONOMY Micro and Small Enterprises are known as Village and Small Scale industries and playing vital role in solving many of India’s economic problems. They hold out the promise of improving farmer’s by providing them supplementary source of income. Moreover they assure larger avenues of employments to the unemployed persons and ensure more economic use of scarce capital resources. Small scale industry helps in promoting and achieving equitable distribution of income and a balanced regional growth. Development of this sector is advocated on the basis of many factors some of them are described below: PRODUCTION AND CONTRIBUTION TO ECONOMY The small-scale industrial sector plays a crucial role in the financial viability and economic growth of the developing economies. It contributes almost 40% of the gross industrial value added in the Indian economy. It has been estimated that a million Rs. of investment in fixed assets in the small scale sector produces 4.62 million worth of goods or services with an approximate value addition of ten percentage points. The small-scale sector has grown rapidly over the years. The growth rates during the various plan periods have been very impressive. The number of small-scale units has increased from 0.87 million units in the year 1980-81 to over 3 million in the year 2000 to 3.57 million in 2003. When the performance of this sector is viewed against the growth in the manufacturing and the industry sector as a whole, it instills confidence in the resilience and self-reliance of the small-scale sector. EMPLOYMENT GENERATION SSI Sector in India creates largest employment opportunities for the Indian populace, next only to Agriculture. It has been estimated that 100,000 rupees of investment in fixed assets in the small-scale sector generates employment for four persons. The small-scale industries provide large scope for employment on a massive scale. In 2001 the employment generated in this sector was 19.2 million rising to 19.96 million in 2003 and 59.46 million people were employed in this sector including agro, rural, cottage and small scale industries as per 4th All India Census of micro, small and medium enterprises (MSMEs). This significantly important for a country like India which is a labour-surplus economy, and where labour-force is increasing at a very rapid rate. Moreover, the small-scale industries being labour-intensive industry and employ more labour per unit of capital for a given output compared to the large-scale industries. This is evident from the fact that the small-scale sector accounts for as much as 80% of the total employment in the industrial sector. The small-scale industries are also specially suited for overcoming various types of unemployment in the rural and semi-urban areas. With little capital and other resources, mostly available locally, these industries can be set-up everywhere in the country, even at the very door-step of the workers. For this reason the small farmer and agricultural worker can combine their work in agriculture with that in these industries. Further, these industries provide part-time as well as full time work to rural artisans, women and needy people. EXPORT SSI Sector plays a major role in India’s present export performance. 45%-50% of the Indian Exports is contributed by SSI Sector. Direct exports from the SSI Sector account for nearly 35% of total exports. Besides direct exports, it is estimated that small-scale industrial units contribute around 15% to exports indirectly. This takes place through merchant exporters, trading houses and export houses. They may also be in the form of export orders from large units or the production of parts and components for use for finished exportable goods. It would surprise many to know that non-traditional products account for more than 95% of the SSI exports. The exports from SSI sector have been clocking excellent growth rates in this decade. It has been mostly fuelled by the performance of garments, leather and gems and jewellery units from this sector. The product groups where the SSI sector dominates in exports are sports goods, readymade garments, woolen garments and knitwear, plastic products, processed food and leather products. The SSI sector is reorienting its export strategy towards the new trade regime being ushered in by the WTO. OPPORTUNITY The opportunities in the small-scale sector are enormous due to the following factors: • • • • • • • • • • • • • Less Capital Intensive Extensive Promotion & Support by Government Reservation for Exclusive Manufacture by small scale sector Project Profiles Funding - Finance & Subsidies Machinery Procurement Raw Material Procurement Manpower Training Technical & Managerial skills Tooling & Testing support Reservation for Exclusive Purchase by Government Export Promotion Growth in demand in the domestic market size due to overall economic growth • • Increasing Export Potential for Indian products Growth in Requirements for ancillary units due to the increase in number of green field units coming up in the large scale sector. This sector is ideally suited to build on the strengths of our traditional skills and knowledge, by infusion of technologies, capital and innovative marketing practices. This is the opportune time to set up projects in the small-scale sector. It may be said that the outlook is positive, indeed promising, given some safeguards. This expectation is based on an essential feature of the Indian industry and the demand structures. The diversity in production systems and demand structures will ensure long term co-existence of many layers of demand for consumer products / technologies / processes. There will be flourishing and well grounded markets for the same product/process, differentiated by quality, value added and sophistication. This characteristic of the Indian economy will allow complementary existence for various diverse types of units. PERFORMANCE OF MICRO AND SMALL ENTERPRISES NO. OF UNITS YEAR (LAKHS) (RS. in CRORES) (At 2001-02 Prices) 2002-03 2003-04 2004-05 2005-06 2006-07 109.49 113.95 118.59 123.42 128.44 3,06,771 3,36,344 3,72,938 4,18,884 4,71,663 263.68 275.30 287.55 299.85 312.52 86,013 97,644 1,24,417 1,50,242 NA (LAKHS) (RS. In CRORES) PRODUCTION EMPLOYMENT EXPORTS ISSUES RELATED TO SMALL SCALE ENTERPRISE Small enterprises are presently seriously handicapped in comparison with larger units by an inequitable allocation system for scarce raw materials and imported components, lack of provision of credit and finance; low technical skill and managerial ability; and marketing contracts. It is, therefore, essential to develop an overall approach to remove these disabilities. OUTPUT Vs. EMPLOYMENT One argument is that the emphasis on employment is irrelevant, as the basic thing is the output that the economy needs for its growth. From this angle, it is contended that, since the productivity of these industries is low compared to that of large industries, the small industries simply waste the capital which is very scarce, and which , if diverted to large industries, can produce more. From this viewpoint, small industries are more capital-intensive. It is also argued that the labour-productivity in the small industries is also small compared to large industries. ADVERSE EFFECT ON CAPITAL FORMATION It is also contended by some that small industries have unfavorable consequences on saving and capital formation. They argue that the establishment of these industries will, over a period of time, reduce the availability of capital for large-scale industries with higher productivity of capital. First, it will happen because capital, used inefficiently in the small industries, will not be available for large-scale industries. Second, these industries being labour-intensive, use a major proportion of the sale proceeds of output to pay workers whose marginal propensity to save is low. As a result, a large part of their incomes will be used for consumption resulting in a lower rate of saving and capital formation for the economy. INEFFICIENT PRODUCTION Another charge against these industries is that the cost of production is higher than in the large industries, because these industries suffer from several inefficiencies No doubt, the fact of large scale entails, what is described as economies of scale, lowering the costs. LARGE SICKNESS There are two main issues in respect of sick SSIs: (i) existence of a large number of sick units which are non-viable; and (ii) rehabilitation of potentially viable units. As far as former is concerned, there were 1, 67,980 sick SSI units as on March 31, 2003. These units are those that had obtained loans from banks. An amount of Rs. 5,706 crore was blocked in these units. Of these, as many as 1,62,791 units with outstanding bank credit of Rs. 4,569 crore were identified by banks as being nonviable. As far as the latter issue is concerned, of the 1,67,980 sick SSI units as on March 31, 2003, only 3,626 units with outstanding bank credit of Rs.625 crore were found to be potentially viable by banks. PROBLEMS FACED BY SMALL SCALE ENTERPRISES HIGH PRODUCTION COST The Small industries, are generally as cost efficient as the large-scale industries. The small size of plant combined with low and erratic market demand does not give rise to such economies: these units may rather be operating at uneconomical levels resulting in high production cost. Being cost inefficient, the small scale units often fail to meet the competition, low cost products from the large industries and may even be driven out of the market. PROBLEMS OF MARKETING The small scale industries also face the problem of marketing their products. The small producers, running these industries, have no means of reaching the distant urban markets due to difficulties of transport and other expenses involved in movement of goods. They cannot adopt aggressive marketing strategies like big industries. Thus, they cannot find market, despite good quality of their products. Lack of proper marketing organization thus prevents the small producers to earn remunerative prices for their products. LOW MARKET DEMAND The demand for goods of small scale industries is not high enough to ensure steady income to the producers in this sector because of low quality. Thus, the products do not find ready acceptability in the market. Market for products of small-scale is not wide enough to assure adequate returns to producers and induce them for further development. PROBLEMS OF FINANCE Like the big industrial units, the MSEs too need finance to run their operations such as purchase of raw material, equipments, transportation of products, etc. But while the large scale units have access to capital market and get their required credit, small industries do not have such facilities. They very often have to borrow from unorganized sources such as indigenous bakers, moneylenders, etc who charge high rate of interest. The problem is more acute in case of cottage industries, craftsmen and artisans, who have to fall back only on moneylenders and traders for their financial needs. Thus, lack of adequate and cheap finance becomes a major handicap for the development of this sector. OBSOLETE PRODUCTION TECHNIQUES The methods of production, which the small and tiny enterprises use, are old and inefficient. The result is low productivity and high costs. There is little of research and development in this field in the country. There is almost no agency to provide venture capital to cover risks associated with the introduction of new technologies. DIFFICULTY IN PROCURING RAW MATERIALS There is another problem of raw materials which continues to plague these industries. Raw materials are available neither in sufficient quantity, nor of requisite quality, nor at reasonable price. Being small purchasers, producers are not able to undertake bulk buying as the large industries can do. The result is taking whatever is available, of whatever quality and at high price. MEASURES TO PROMOTE SMALL SCALE ENTERPRISE PROVIDING CREDIT FACILITIES Institutions providing credit facility have also been set up. State Financial Corporations provide financial assistance to small scale industries. Public sector banks have also been providing credit facility to artisans and craftsmen. National Bank for Agriculture and Rural development (NABARD) has been extending credit, consultancy and other facilities to village industries and agro-processing units through various agencies. SETTING UP ORGANISATIONS FOR PROMOTION OF MSEs Govt. has established organizations like Khadi and Village Industries Commission and commodity specific organizations such as Handloom Board, Cottage Industries board, coir board etc. to help these units in purchasing raw material and machinery, marketing of goods, technology improvements, training and learning facilities..District Industrial centers have been set-up to provide necessary assistance for healthy growth of the small scale industries. Small Industries Development Organizations (SIDO) provides marketing and consultancy services. HELPING IN MARKETING OF MSEs PRODUCTS A large number of items used by the government in its various departments and offices are reserved for exclusive purchase from small scale sector. Besides, govt. agencies also organize trade fairs and exhibitions of goods provided by cottage and small industries at various places within the country as well as in foreign countries to create demand for these products. RESERVATION To protect the products of small-scale industrial sector from unequal competition from products produced by the large scale-industrial units, the govt. of India has reserved a large no. of products which can be produced exclusively in the small industries sector. The bigger industrial units can be permitted to produce such products only if they undertake to export a minimum of 75% of total production. ITEMS RESERVED FOR EXCLUSIVE MANUFACTURE BY MICRO AND SMALL ENTERPRISE SECTOR (As on 30 July, 2010) S.No. S.No. (As Per Gazette Notification) 20-21 1 2 3 4 5 6 3 7 11 13 47 79 202501 205101 21100102 21100104 27 276001 28 285002 Bread Mustard Oil (Except Solvent Extracted ) Ground Nut Oil (Except Solvent Extracted) Wood And Wood Products Wooden Furniture And Fixtures Paper Products Exercise Books And Registers Food And Allied Industries Pickles $ Chutneys Product Code Name Of The Product Other Chemical And Chemical Products 7 8 9 10 11 12 13 14 15 16 17 18 19 20 253 308 313 314 319 335 364 394 402 404 409 428 447a 474 305301 314201 317001 318401 319902 321701 33-35 340101 341004 34200602 34200702 342099 343302 345207 345202 Wax Candles Laundry Soap Safety Matches Fire Works Agarbattis Glass And Ceramics Glass Bangles Mechanical Engg. Excluding Transport Equipments Steel Almirah Rolling Shutters Steel Chairs-All Types Steel Tables-All Other Types Steel Furniture -All Other Types Padlocks Stainless Steel Utensils Domestic Utensils- Aluminum CHAPTER- 5 CONCLUSION SSI sector is significantly contributing to Indian economy with its less capital intensive and high labour absorption nature. SSI sector is playing crucial role for employment generation and rural industrialization. The promotional and protective policies of the Indian Government have ensured the importance of this sector with its astonishing range of products, particularly in consumer goods. However, the bugbear of the sector has been the inadequacies in capital, technology and marketing. The process of liberalization coupled with Government support will therefore, attract the infusion of just these things in the sector. SSI have many inherent advantages such as exclusivity, ability to produce small order quantities which can be used to tap new markets. What is needed is a rational policy which offers adequate support and protection to this sector. According to Bala Subrahmanya: “The central issue of concern for the growth of small-scale industry is how to strengthen its competitiveness. First of all, if small industry has to thrive steadily, infrastructural bottlenecks must be overcome to enable must be overcome to enable it to compete on its own based on inherent potentials. And it is responsibility of government to remove any structural bottlenecks in small industry performance through removal of ‘protective elements’. It is essential to provide the much needed ‘level playing field’ to small sector through infrastructural development. But overcoming infrastructural bottlenecks for small enterprises is easier said than done”. To improve competitiveness, there is need to encourage and promote greater research and development, in-depth market research, which largely depends on quantum of finance available to the small scale sector. For this, credit delivery system to SSI needs to strengthen, outputs and inputs designs need to be improved to achieve greater acceptability and quality of SSI products. Technological upgradation is also needed to produce better quality products at cheap rates to face stiff competition from imports. BIBLIOGRAPHY Books referred.(2011).Indian Economy. Publication- Sultan Chand & Sons. Bhargava and Sethi .(2011).Economic Development and Policy in India. Publication- Sultan Chand & Sons. Uma Kapila Websiteswww.dcmsme.gov.in www.exim.indiamart.com www.indiabudget.nic.in www.indianblogger.com