ABSTRACT
This research delves into the landscape of India’s small and medium-sized enterprises (SMEs) sector, which plays a pivotal role in the nation’s economic progress. The challenges for SMEs include limited access to financial resources, constrained reserves, and the competition posed by more giant corporations. To comprehend the obstacles hindering the development and sustained growth of Indian SMEs, it becomes imperative to formulate policies and strategies. Recognising the latent potential of SMEs to foster innovation, create employment opportunities, and contribute significantly to overall economic growth becomes paramount. SMEs form the backbone of various economies, including India’s, and comprehending the sector’s challenges and opportunities in a changing commercial milieu assumes critical importance. In the context of India, this study explores the catalysts driving transformations in the corporate sphere, encompassing factors like globalisation, technological strides, evolving consumer preferences, and governmental regulations. Furthermore, it highlights the hurdles and opportunities confronting SMEs in this scenario – challenges related to securing funding, acquiring talents, adopting advanced technologies, and penetrating new marketplaces. Incorporating the perspective of Lean Six Sigma for its capacity to enhance efficiency and quality can significantly enrich this research. Lean Six Sigma’s relevance to the factors lies in its potential to streamline operations, reduce waste, and improve overall processes. Integrating Lean Six Sigma principles into the discourse could provide invaluable insights into India’s SME sector, offering guidance to policymakers, CEOs, and stakeholders in making informed decisions that facilitate the growth and progression of this vital sector.
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Notes on contributors
Mandar Sumant
Mandar Sumant is currently a PhD scholar (part-time) at Gujarat Technological University, Ahmedabad, Gujarat, India and working at Drs. Kiran and Pallavi Patel Global University, Vadodara since 2014. He has more than 13 years of experience in academia and 4 years of experience in industry. He received his Master of Engineering in Advanced Manufacturing Systems from Gujarat Technological University India in 2014 and his Bachelor Degree in Mechanical Engineering from JRNRVD University in 2006. He has published more than 12 papers at national, and international levels in a journal as well as in conferences. He has supervised 3 PG-level projects. His research interests include lean manufacturing, Total Quality Management, Production Engineering, Production Management, Six Sigma, Industrial engineering, Process improvement, and business excellence.
Jitendra Mistry
Dr. Jitendra M. Mistry is an Associate Professor at Sardar Vallabhbhai Patel Institute of Technology, Vasad, with over 23 years of teaching and 2 years of industrial experience. He holds a Ph.D. degree in Mechanical Engineering and specializes in the areas of Composites, Tribology, Manufacturing, and Management. Throughout his academic career, Dr. Mistry has demonstrated a passion for research and education, currently guiding two Ph.D. scholars in their academic pursuits. With a total of 14 publications to his credit, he has made significant contributions to his field. His research has garnered recognition, with 313 citations on Google Scholar and 202 citations on Scopus, indicative of its impact and relevance in the scientific community. Dr. Mistry's scholarly achievements are underscored by an h-index of 7 and an i-10 index of 6, highlighting the quality and influence of his work. As an educator and researcher, he continues to inspire and guide students, contributing to advancements in his areas of expertise and shaping the future of engineering and technology.
Pallavi Agarwal
Dr. Pallavi Agarwal has done her Ph.D in machining of carbon silicon carbide composites. She has steered Babaria Institute of Technology, Vadodara, a premier engineering college,from inception (2004-2022). As Director Academics she manages talent and leads academics of constituent schools to optimize resources and teaching-learning experiences for students and strategizes faculty training and competency building. She works to foster international collaborations for enrichment of students and faculty. She has implemented training methods, new modules and courses using blended learning approach for maximizing engagement and knowledge retention by faculty and students.