JISMEC (Jindal Initiative for SME Collaboration) is an initiative by Jindal Global Business School (JGBS) to forge a strong relationship between students and SMEs by active exchange of information and ideas between the two stakeholders. JISMEC opens a new avenue for the scholars where they get hands on experience in building successful businesses.
JISMEC activities includes workshops, round table conferences, leadership talks and many other innovative events to quench the thirst for experiential learning. JISMEC is a first of a kind program which brings real life business scenarios and challenges to academia.
JISMEC consists of a core committee comprising of seven students and two faculty members guided by the JGBS Dean. JISMEC aspires to be a network of SMEs with a strong foothold in the sector.
Small and Medium Enterprises (SMEs) have a strategic and significant role in the economy. This sector, comprising of manufacturing, infrastructure, service industry, food processing, packaging, chemicals, and IT, has emerged as the most vibrant and dynamic engine of growth of the Indian economy over the last five decades.
SMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in the industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth; and thus, invariably plays a significant role in Nation’s development.
SMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. With the Indian economy expected to touch $5 trillion by 2025, and with groundbreaking economic reforms kicking in, SMEs are expected and bound to play a much more important role.
It paves a way for entrepreneurs to grow and take chances, and explore the untapped markets emerging in India. SME is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market.
To communicate the importance of the SME sector, let us look at some key SME statistics, trends and reports.
However, the SME sector has its own set of challenges that they have to deal with. Inadequate and timely banking finance, skilled manpower, limited capital and knowledge, non-availability of suitable technology, low production capacity, ineffective marketing strategy, identification of new markets, constraints on modernization & expansions, are some of the problems that entrepreneurs face. With our constantly evolving economy, digitalization, and Government reforms & support, conducting a business is getting smoother than it was before.