Indian small industry has to reposition itself to achieve compatibility with the international trade scenario and become globally competitive, according to a snap poll conducted by the Confederation of Indian Industry (CII).
Simplification of labour laws was found to be crucial to most respondents, followed by legislative support, which involves the enactment of the Small Enterprises Development Act, Limited Liability Partnership Act and legislation regarding factoring of debts. Some respondents also mentioned the transition from small-scale industries (SSIs) to small- and medium-size enterprises (SMEs).
A majority of the respondents reiterated that SMEs were global trendsetters and identified the unfolding scenario in the next 17 years, starting 2005, by which date SMEs would complete their restructuring processes, the sector would consolidate by 2010 and eventually launch themselves into the global markets by 2015.
Source: Financial Express
