Small and Medium Enterprises(SMEs) heve become the darlings of corporate India. Bankers pursue them with loan offers, IT vendors say that their real market lies with them, stock market analysists search among them for next infosys, and consultants make presentations about them. SMEs with a turnover of Rs.50-400 crore are hot property these days. Everybody from banks, VCs, private equity players and hedge funds are zooming in to capitalise on their entrepreneurial zeal.
Today's SMEs are a different breed. They have acquired companies abroad, become part and parcel of global supply chains and are even convincing foreign manufacturers to outsource patented design work to them. Two main trends---ancillarisation and export orientation---have been responsible for the change. Small and medium vendors have adapted themselves to the needs of large local manufacturers and have also become suppliers to global manufacturers, the auto ancillaries industries being a prime example.
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