Environmental Impact on SMEs Growth and Sustainability

Challenges and Opportunities

Abstract

Indian economy is considered the future market for world investors. But this assumption is associated with lots of challenges and limitations. The major growing sectors which support the Indian economy are agriculture, and small -medium enterprises (SMEs). SMEs contribute to the Indian economy’s GDP next to the agriculture sectors which include all types of industries like cement, steel, textile and handicraft industries etc. In a few countries, SMEs are the growing sector. They contribute a lion's share to export and provide employment for the people. Because of this reason, in the current scenario, these industries caught the attention of the government and investors. As SMEs are growing sectors and possess lots of opportunities and are introduced as the backbone of the economy, still faced challenges related to environmental issues. It has to work for reducing the negative impact of environmental issues but for doing this it has to first understand “what these impacts are”. Then get insight to determine these impacts. In this article, we have estimated the environmental impact in India and analyzed the challenges from the Indian legislation, financial institutions and opportunity in environmental business called green products. We have discussed how to transform environmental challenges into commercial opportunities. This study formulates an outline for raising awareness connected to environmental, social, resources and energy issues. It also provides them support to avail facilities from the legislation and encourages enhancing their environmental and energy performance by elevating their skill, qualifications and training. This article focused on the growth sustainability challenges confronting SMEs concerned with environmental and societal impact. These challenges comprise innovation, technologies and research and development for the production of commodities in SMEs.