The value of foreign exchange earned by India’s small and medium enterprises (SMEs) rose by over 20% in 2017, and the total earned by small and mid-sized businesses rose by 7.2% in the year to end-March, according to the latest data from the Reserve Bank of India.
This was driven by a spike in foreign exchange sales, which accounted for over 70% of all sales.
But these gains came at a cost: India’s growth rate for the sector dropped from 4.9% in 2016 to 3.9%, and its share of the global foreign exchange market dropped from 21% to 17%.
The government has set a target of doubling the number of small and middle-sized firms in the economy by 2025, and has promised to boost the share of small business in GDP by 15% by 2022.
The growth rate of SMEs in the last fiscal was 8.6%, but as of March 2017, they accounted for just 0.4% of India’s GDP.
The growth rate in small and midsize businesses, however, has remained stable over the last two decades, and its participation in the overall economy has remained high.
The latest figures from the Indian Statistical Institute show that in the fiscal year ended March 2017 there were 5,000 SMEs with more than 500 employees, up from 5,500 in 2000.
Small and mid size enterprises, or SMEs, account for more than 40% of the Indian workforce, and accounted for 16.6% of GDP in 2016.
Small firms also account for about 25% of exports to China, the second largest recipient of Indian exports.
The share of SME exports to Asia is currently about 26%.
The government is planning to boost SME contribution to the national economy by at least 20% over the next five years, but so far, there is no clear plan for the national share of that contribution.
Small and medium sized enterprises have also been the target of a series of reforms.
This has been one of the central issues in the election campaign, and since the last general election in 2013, India’s SME sector has been a target for both BJP and Congress.
The Congress has been pushing for more investment and reform in the sector, while the BJP has argued that the reforms will lead to a more competitive economy.
Both the major parties have proposed several measures, including the creation of a national SME finance commission and a central fund to support SMEs.
The BJP is also calling for a minimum wage of Rs 10 per day for the entire country, which will be based on the purchasing power parity index (PPI), while the Congress has proposed a 10-day minimum wage and an increase in the annual pension age for SMEs from 55 to 65 years old.
However, despite the government’s promises to increase the share and number of SMOs in the Indian economy, small and small enterprises remain a small share of GDP, accounting for less than 2% of total GDP in India.
In a 2017 survey, the National Sample Survey Organisation (NSSO) of India (NSPI), an independent government agency, found that the share, or share of total SMEs, of GDP accounted for less in the country than in any other developed economy.
In fact, the share fell to just 1.3% in India, compared with about 7.8% in China.
India is currently the second most populous country in the world after China, with a population of 7.5 billion.
India has been pursuing reforms to boost small and moderate-sized enterprises over the years, including increasing the minimum wage, introducing a three-day workweek, introducing an e-commerce tax and introducing a minimum share of taxes paid in the form of the tax credit.
The reforms have been popular with businesses, and businesses have also supported the government in passing new laws.
However, this has been less than successful in improving the competitiveness of SMMs.
A recent report from McKinsey & Company said that the current growth in SME share of gross domestic product (GDP) in India has been about 7% for the past five years.
This compares with an annual growth rate between 7.6%-8.2%.
McKinsey noted that the country’s growth in the SME segment of GDP has been slowing in recent years, partly because of the introduction of GST in 2017.
McKinsey also noted that this slowdown has been exacerbated by a slowdown in exports from China, which contributed to a decrease in SMEs’ share of GVA in India in 2017 to around 10% of GDA.
The government’s recent plan to invest in SMIs has also been a challenge.
The new government announced that the government will invest Rs 1,000 crore for SMIs and Rs 2,000-3,000 for SME-related infrastructure projects in 2017-18, which is an increase of Rs 4,000 to Rs 8,000.
But this has not been enough to stimulate SM