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Keys to Resolve the Problems Faced by Small Scale Industries- a Literature Review

The purpose of this research study is to highlight the problems faced by Small Medium sized Enterprises (SME’s). SME’s are the industries who contributes a large portion in GDP and supports the development as well as growth of our nation by helping in various ways like providing employment to large number of youth, maintain the market competition, etc. These types of industries contribute a lot in economic growth but also facing many problems in their daily working life. Keeping these problems in mind, the researcher tries to highlight the problem and also suggest some solutions to these companies through the review of previous studies and their own experience. The researcher also suggest the SME’s owner to get aware about the number of schemes which have been already implemented by the government to help these small scale industries in India. Due to unawareness of these schemes and facilities, the small-scale firms faced a lot of problem, which can be easily resolved by the assistance of the government organization and other practices. The researcher also highlights the benefit of implementing the HR practices at their workplace. If the Human resources department is fully employed in such industries, then their troubles can be reduced to a great extent, but such industries considered these practices as extra workload and increase company expenses and replace the requirement of HR department with account department to fulfill their basic needs only.