A significant contribution to the promotion of inclusive economic growth, the creation of job opportunities, and the preservation of cultural heritage is made by the sector of small and medium enterprises (SMEs) as well as the handicrafts industry. A substantial contribution to GDP, exports, and innovation is made by small and medium-sized enterprises (SMEs), which act as a bridge between traditional craftsmanship and the demands of modern markets. In particular, the handicrafts industry exemplifies the rich cultural traditions of regions while also giving chances for financial support to craftsmen working in rural and semi-urban areas. These artists frequently include women and members of underprivileged populations. Both industries have experienced significant expansion over the course of the last several decades as a result of favorable government policies, internet marketing platforms, talent development efforts, and greater participation in local and international trade fairs. On the other hand, obstacles such as restricted access to financial resources, poor infrastructure, a lack of adoption of technology advancements, and competition from mass-produced items continue to exist. For the purpose of bolstering the expansion of small and medium-sized enterprises (SMEs) and handicrafts, an integrated approach that incorporates capacity building, market connections, sustainable production techniques, and regulatory changes is required. The purpose of this research is to investigate the variables that are driving the growth of these industries, the role that entrepreneurship and innovation play, and the methods that can be implemented to improve their competitiveness in the global market while simultaneously maintaining socio-economic sustainability.
Natarajan Lokanathan (Mon,) studied this question.