Future of Small Business of India: Pre General Elections 2019

General Elections 2019 of India are one of the most popular elections to be held across the world as the future of India and its growth is highly dependent on these elections. As Indian Economy is struggling to regain its momentum since the 2008 recession, the need for a stable political scenario has increased exponentially. The ever expanding small businesses of India are not untouched by the situation because the better the government be, the more beneficial would be the schemes that are launched for SMBs from time to time.

All the major political parties of India seem to have recognized the potential of SMB’s as most of them have included something or the other in their manifestos for securing the future of SMB’s in India. Let’s have a look at some of the promises made to the Small Business Enterprises by leading political parties in their Election manifestos 2019 as well as the future plans declared by them.

BJP to facilitate Government Department’s Snags

First and foremost, in the Manifesto launched by BJP, it is promised that the local retailers and small & medium enterprises don’t have to spend time and money for seeking multiple licenses to start a business. Apart from that, it also stated that there will be a system in place to avoid harassment of small traders.

These steps would certainly help the small businesses of India to avoid the issue of red-tapism they are facing and would also help them to get their tasks done in an efficient manner as they won’t have to run to a government office on a regular basis to resolve minor business snags. If these promises are kept, then it would not only help the existing SMB Owners and Entrepreneurs but it would also pave the way for development & growth of new small business ideas as the simpler the processes would be, the more attractive the SMB sector would be to the outsiders.

Congress offers latest Technologies to SMB’s

The Indian National Congress also seems to be interested in the growth of SME’s as it has promised to achieve 10 percent growth rate in the manufacturing sector while giving a special emphasis on small and medium enterprises. It also promised the access to world class technology at affordable prices by creating a ‘Patent Pool’ for the SMB’s.

These promises of The Indian National Congress are also beneficial for the SME Sector because growth is what every SME aims at and if an SME gets special attention of the government to achieve growth, then it would definitely help the economy to recover.

AAP to generate employment by helping SME’s

The ruling party AAP, that intends to focus its policies on the common man also seems to be focused on the development of SME Sector as it has given special emphasis on developing the SME’s. After launching their manifesto, AAP Leader Arvind Kejriwal stated “Job creation shall be the primary objective of the economic policies of the AAP, and to this end we will promote honest businesses and small & medium entrepreneurs.” Kejriwal’s promise to give attention to SME Activities in order to generate employment also seems hopeful as one of the major problems SME’s face these days is to attain as well as retain talented personnel.

CPI (M) plans to develop SME’s to protect Laborers

Another popular political party, the CPI (M) has also given a special place to the development of Small and Medium business in India by adding the following points in its manifesto.

The CPI (M) stands for providing incentives for research & development and special initiatives to increase competitiveness of small & medium enterprises that provide much greater employment

Encouraging small and medium enterprises in labor intensive sectors with adequate incentives, infrastructure support and sufficient credit from banks

All of the above mentioned data proves that the future of Small and Medium business in India is likely to be positive as most of the major political parties as well as its leaders have recognized the potential this sector can offer to the Indian Economy. This is good news for all of the SMB Owners, Established and the budding entrepreneurs because if the government would focus on the growth of the SME sector as a whole, there would be a lot of opportunities for the SME’s to develop their resources and to expand their business.

On the whole it can be said that no matter what the final result of the General Election 2019 may be, there would always be a clear road for the SME’s to walk upon. We have seen that all the main contenders / political parties of the General Election of 2019 have extended support to the SMB sector by one way or the other. We can just keep our fingers crossed and hope that all the above mentioned political parties would stick to their promises with regard to SMB’s as all the SMB’s need help from the government to progress at a rapid pace.

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