WTO and its Impact on Small Scale Industries in India

Small Scale Industries have emerged as an engine of growth in several developed and developing countries of the world including India and has acquired a prominent place in our socio-economic development since Independence through their ever-increasing contribution to national income. However, with the advent of economic reforms in 1991 it had to face stiff competition from globalization and economic liberalization as it has allowed companies to increase their base of operations, expand their workplace with minimal investment and has facilitated consumers to enjoy a wide array of goods and services. WTO aims to develop the country’s economy by encouraging its export among the member countries. Further, it facilitates for availing new technologies from various countries at a lower cost. In this connection, the present paper attempts to probe peculiar issues relating to WTO, its repercussions on Indian SSIs in the globalized scenario and analyzes its growth performance with regard to units, employment, output, exports and concludes by recommending appropriate credit availability measures for ensuring their sustenance along with competitive growth.