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Contribution of Financial Institutions to Small Scale Industries in Economic Development of India

India is an ancient nation of rich cultural heritage and a home of the different religion with a vast diversity in tradition and language. In India GDPs major portion has been contributed through industrial and service sector, with the change in time and aspect the working community had moved from agricultural to small scale industrial sector due to lack of irrigation facilities and dependency on the natural environment to a large extent which leads to failure in most of the times. Due to this paradigm shift from agricultural to industrial and service sector thus the position of Indian economy had improved a lot. But the story of success is not yet accomplished, as most of the venture has grown up in rural and semi-urban areas are facing inadequate infrastructural and financial problems. To eradicate these financial problem different financial institutions had performed a crucial role to stand as a backbone for these small scale industries which in turn leads to industrial development and ultimately the economic development of India through this financial support and activities. Small scale industries (SSIs) refer to those small entrepreneurs who are engaged in production, manufacturing or service at a micro scale. Small scale industries play a focal role in the economic and social development of India in the post-independence era. Small scale industries constitute the backbone of a developing economy with its effective, efficient, flexible and innovative entrepreneurial spirit. The contribution of SSIs to the Indian economy in terms of employment generation, reducing regional imbalances, promoting inter-sectorial linkages, magnifying exports and fostering equitable economic growth potential has been quite marvellous. This sector through more than 6000 products ranging from traditional to high-tech, consisting over 36 million units widely dispersed across the country provides employment to over 80 million persons, contributes about 8% to country’s GDP besides accounting for 45% of manufactured output and 40% to the export from the country. The paper attempts to discuss the role of small scale industries in the economic development of India and the role of financial institutions in the development of small scale industries.