JISMEC (Jindal Initiative for SME Collaboration) is an initiative by Jindal Global Business School (JGBS) to forge a strong relationship between the students and the SMEs by active exchange of information and ideas between the two stakeholders. JISMEC opens a new avenue for the scholars where they have a hands on experience in building successful businesses.

JISMEC activities includes workshops, round table conferences, leadership talks and many other innovative events which will quench the thirst for experiential learning. JISMEC is first of a kind program which bring real life business scenarios and challenges to the academia.

JISMEC consists of a core committee comprising of seven students and two faculties guided by the JGBS Dean. By the end of the academic year JISMEC aspires to be a network of SMEs with a strong foothold in the sector.

Vision
JISMEC has a vision to be the epicenter of creation and dissemination of ideas, knowledge and strategy for Indian SME’s.

 

Mission

JISMEC has the following mission:

  • To create a network of small and medium enterprises in India for co-creation of values for its structuredness.
  • To facilitate exchange of ideas, knowledge and strategies for success of SME’s
  • To provide professional consulting services through faculty and students for long term success of SME’s.
  • To provide policy guidelines and connect SME owners with policy makers for conclusive policy formulation.
  • To create a platform for SME’s, students and faculty for undertaking cutting edge research in this domain.
  • To create a network of SM Enterprises across India.
  • To undertake academic and practice based research to identify and develop feasible solution to SMEs
  • To provide consulting and training services to SMEs for enhancing their effectiveness and impact on Indian Economy.
  • To collaborate and partner with SMEs trade associations, government and quasi government bodies for advocacy and development of Indian SMEs
  • To provide an opportunity to business school students to understand the challenges of SMEs, learn lessons on entrepreneurship and small business management through industry visits, internship, conduct panel discussions and workshops and nurture future entrepreneurs.
  • Learning-centered Community. JGBS is dedicated to providing affordable lifelong learning opportunities that foster student success.
  • Innovation. JGBS is a forward-thinking institution that explores creative approaches for the future.
  • Collaboration. JGBS fosters innovative, enriching partnerships with SMEs and students.
  • Diversity. JGBS promotes, celebrates, and embraces differences, including cultural and ethnic diversity & diversity of thought.
  • Excellence. JGBS maintains high expectations for teaching and learning and holds itself accountable for promoting continuous improvement.
  • Mutual Respect. At all times, JGBS upholds the dignity of each individual by being ethical, respectful, fair, and courteous in communications and actions.
  • Public Trust. JGBS honors and upholds its commitment to the community through integrity of actions and efficient use of resources.

Small and Medium Enterprises (SMEs) have a strategic and significant role in the economy. This sector, comprising of manufacturing, infrastructure, service industry, food processing, packaging, chemicals, and IT, has emerged as the most vibrant and dynamic engine of growth of the Indian economy over the last five decades.

SMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in the industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth; and thus, invariably plays a significant role in Nation’s development.

SMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. With the Indian economy expected to touch $5 trillion by 2025, and with groundbreaking economic reforms kicking in, SMEs are expected and bound to play a much more important role.

It paves a way for entrepreneurs to grow and take chances, and explore the untapped markets emerging in India. SME is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market.

To communicate the importance of the SME sector, let us look at some key SME statistics, trends and reports.

  • Number of SMEs in India: The number is estimated to be at 42.50 million, registered & unregistered together.  A staggering 95% of the total industrial units in the country.
  • SME & Employment opportunity: Employs about 106 million, 40% of India’s workforce. Next only to the agricultural sector.
  • Products: produces more than 6000 products.
  • GDP Contribution: Currently around 6.11% of the manufacturing GDP and 24.63% of Service sector GDP.
  • SME Output: 45% of the total Indian manufacturing output.
  • SME Exports: 40% of the total exports.
  • Bank Lending: Accounts for 16% of bank lending.
  • Fixed Assets: Current fixed assets at INR 1,471,912.94 crore.
  • SME Growth Rate: Has maintained an average growth rate of over 10%.

Sources: msme.gov.in/KPMG/CRISIL/CII.

However, the SME sector has its own set of challenges that they have to deal with. Inadequate and timely banking finance, skilled manpower, limited capital and knowledge, non-availability of suitable technology, low production capacity, ineffective marketing strategy, identification of new markets, constraints on modernization & expansions are some of the problems that entrepreneurs face. But with our constantly evolving economy, digitalization, and Government reforms & support conducting a business is smoother than it was before.