The Ministry of Micro, Small and Medium Enterprises and The Industries Development and Regulation Act

In our Go Negosyo: Meet the Presidentiables forum with President-elect Rodrigo Duterte last February, he reiterated that he will have programs to support the Micro, Small, and Medium Enterprises (MSMEs) in the country to help alleviate poverty. The President himself said that he will allocate a budget to the Department of Trade and Industry to help assist MSMEs and provide training and seminars for them. The President Duterte knows that there are many micro-entrepreneurs in the urban areas that still need financial aid and additional technical

The population is increasing with each passing year; the graduate unemployment will add more pain to the government. So, establishment of MFI’s and expanding the branches will create employment. So, in this prospect MFI’s role is crucial for the economy.

This system include the facilities where the factory and all the equipment in the company to manufacture a product comes under this category, the facilities also include the plant layout equipment etc..

SME is a term defined in EU law (EU Recommendation 2003/361) with the definition of all three types of SMEs – micro, small and medium sized businesses defined by their level of turnover and number of employees. Micro businesses employ < 10 employees and turnover < 2 million Euro; small business have <50 employees and turnover < 10 million Euro and medium sized businesses have <250 employees and turnover < 50 million Euro. (European Commission 2013) None of the respondents said that they employed less than 10 people so there were no micro business participants in this survey.

Many small and medium sized enterprises are involved with the manufacturing industry. They take a significant and crucial part in the growth of GDP by offering work opportunities, which help to release employment pressure. A large number of the SMEs are experiencing from the deficiency of IT related capabilities, i.e. development, operating management, research and coordination of the industrial chain.

Small and medium-sized enterprises (SMEs) are a key source of innovation and make a significant contribution to the economy of New Zealand in terms of employment, output and growth. There is no universally definition of an SME in New Zealand. However, from a government perspective, they are considered to be firms having the following traits: personal ownership and management, having few specialist managerial employees, and they are not part of a larger business organization. These traits are typically demonstrated by SMEs in New Zealand, so New Zealand politicians and business organizations are usually define SMEs as enterprises with 19 or fewer employees. According to report 2011, SMEs account for 31% of total employment, and contribute 40% total outputs (Ministry of Economic Development, 2011).

The dynamic role of small and medium enterprises (SMEs) in developing countries as engines through which the growth objectives of developing countries can be achieved has long been recognized.

Small and medium enterprise has always the engine of growth for every country, in developing as well as in transition economies. Their role in

Of late, not just major business houses but increasingly, many Small and Medium enterprises have joined the bandwagon and have started making it big in the international markets. This is the reason why, as per govt. sources, the share of exports by Micro, Small and Medium enterprises (MSME) in India 's total exports has been (provisionally) estimated at

The Growth and development of Micro, Small and Medium Enterprises needs to be supported by a unified fiscal support and enabling policies. Similarly, improving and enhancing the policy framework and motivating financial institutions to innovate, can increase the penetration of formal financial services to this sector. The three main pillars are:

Small businesses are generally regarded as the driving force of economic growth, job creation, and poverty reduction in developing countries. They have been the means through which accelerated economic growth and rapid industrialization have been achieved (Harris and Gibson, 2006; Sauser, 2005; Arinaitwe, 2002; Kiggundu, 2002; Monk,

Governments and donors have to realize that financial systems and functioning networks of MFIs evolve over long periods of time. It contributes to development, but requires a climate of broader development to be fully effective, both macro economically and at the local level. NBFCs cater to numerous micro, small and medium entrepreneurs (MSMEs) who form the backbone of the ‘India Growth Story’ and yet continue to remain outside the ambit of normal banking channels. Thus NBFCs will help strengthen the financial architecture.

The crescent interest, in the field of entrepreneurship has enhanced more with the interest of dynamic role of small businesses. In developing country like India small business has a remarkable potential. After analyzing statistical data of various countries it has been shown that small firm developed faster than big industries. Large industries first lost jobs while small industries created new workplaces. Thus the focus is more on small scale industries, which tend to the origin of employment in the developing country India with respect to rural areas. Apart from the employment many other factors denotes the economic progress of country. These factors include investment in fixed assets, climate, infrastructures, inflation, education and institutional quality.

To analyze the impact of the services of MFIs on the economic empowerment of women in Aligarh

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.