SME Sectors in India are in Need of Cost Accountants Contributions for its Survival

Abstract

The growth of SSI segment of SME sector in India has come down considerably in the era of globalisation. The decline of growth has been conspicuous in terms of units, employment and production but not exports. SSI sector has grown more towards the international market than towards the domestic market in the globalisation era. This is substantiated further by the fact that SSI exports as a percentage of SSI production as well as of total exports has improved considerably in the recent period compared to the earlier period. This could be because globalisation has led to the emergence of new opportunities for SMEs in the international market. Those SMEs, which are competitive, would have gained significantly by exploiting these opportunities. SMEs have been depending for a quite long time on government support, such as reservation of products, incentives, concessions, subsidies, government policy for collection of dues, labour policies, etc. and now a time has come where they have to erupt and metamorphasise into a professionally managed sector to overcome various challenges. Against this background, this paper highlights the significance of Cost Accountants for the development of SMEs in India.