Appropriate technology advocated in the book 'Small is Beautiful' can open many opportunities for SMEs. Nano Technology, however, has compelled us to believe that 'small is big and beautiful' which is there in the pockets as smart phones with many functions, told Professor Goel.
Keeping in mind the 40 per cent contribution of MSME sector in total exports of India and over 8 percent in gross domestic product (GDP), there is a strong case for tax relief measures in the new foreign trade policy 2014-19 which are essential for enhancing competitiveness in the economy.
While India has opened the doors and windows for foreign investments and trade in industries, there is considerable increase in the number of commercial disputes. There is also pressure from international companies for making it mandatory to enforce arbitration clauses in the contract.
This calls for the case studies of international arbitration, arbitration system of India and successful strategy for handling commercial disputes, told Professor Goel.
(Dr. Madan Mohan Goel, Professor of Economics & Dean, Faculty of Social Sciences, Kurukshetra University, expressed the above views while delivering valedictory speech at an International Conference on 'Entrepreneurship, Challenges, Issues and Practices' at Teerthanker Mahveer University, Moradabad. He was speaking on the topic 'Challenges of Globalization for Small Scale Sector in India')