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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.
Sumant et al. (Thu,) studied this question.